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Plisskin
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Can I amend my 2020 return to contribute enough money to an IRA to bring my AGI down enough so that I qualify for the covid payment?

TurboTax says the amendment paperwork is not available until 3/25, which I believe will be too late.  Is there any other option?
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1 Reply

Can I amend my 2020 return to contribute enough money to an IRA to bring my AGI down enough so that I qualify for the covid payment?

There is not a way to change your AGI other than filing the amend with the IRA contribution.  So if you do not qualify for the stimulus based on what you filed for 2020, then making the amend will change your AGI for future distributions.

After March 25, you can do the amend and enter the IRA contribution.  At some point, possibly on 2021 taxes, there should be an opportunity to claim the stimulus payment that your reduced AGI will qualify you for.  That is what happened with the first two stimulus payments.

 

Here is a TurboTax blog with latest updates.

 

 

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