Realistically, I am not eligible for the $1200 stimulus check, but given the rush that the bill was passed in, I would not be surprised that due to an oversight, I may actually receive one. I am trying to find out if my specific situation is addressed. Also trying to see if i should file 2019 taxes or not.
Here is my 2018 scenario:
Foreign earned income: $100k (excluded from the AGI above)
This would make my MAGI somewhere in the neighborhood of $160k.
2019 had only US income, with AGI north of $150k. I don’t have the final numbers.
My question is, is the $75,000 limit based on AGI, as every single news source has referenced it, or MAGI? The IRS portal says that my payment status is unavailable. No direct deposit of $1200 has appeared in my checking account.
Should I hold off on filing my 2019 taxes? I am due a small refund, which I would prefer to receive sooner rather than later.
The bill specifies that the AGI is used which on the 2018 return was line 7. I’m guessing the Treasury Dept is gonna go straight with what that line 7 says on your 2018 return.
That said, if I take my own 2019 AGI and compare it to what I received, it does not fit the 5% phase out perfectly (it’s $8 more than what I had calculated) so your guess is as good as mine.
Personally, I would not file my 2019 return yet if there was even only a slim chance of getting a $1200 check vs. the certainty of not getting any if I filed it. Status should become available pretty soon. You can decide then.
“MAGI” is not a specific number. There could be several MAGIs for any given individual. You’re probably referring to the inclusion of foreign earned income for the purpose of calculating tax rates applicable to your other income. However, income excludable due to the foreign earned income exclusion is excluded from the definition of gross income itself.
If you don’t have your final 2019 AGI now, it sounds like your return is not prepared yet anyway, so might as well keep working on your return and see what your status is once your return is complete. If you need the refund now, there are other ways to increase your cash right now based on your expected refund for 2019 through reductions in withholdings, etc.