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Can reducing my AGI, by amending my 2019 returns contributions to retirement and HSA accounts, qualify me for future stimulus bill AGI thresholds? If amended by 7/15?

 
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VictoriaD75
Expert Alumni

Can reducing my AGI, by amending my 2019 returns contributions to retirement and HSA accounts, qualify me for future stimulus bill AGI thresholds? If amended by 7/15?

Yes. You can amend your 2019 tax return to update contributions for retirement and HSA accounts, as the contribution deadline as been extended to July 15, 2020. You must be certain that you qualify for the deduction and take into consideration any contribution limits. Amended returns must be printed and mailed.

 

The IRS has temporarily suspended the manual processing of paper returns and forms while they process stimulus payments. They are also not accepting phone calls at this time. Due to stimulus processing, the IRS has halted these services.

 

For this to affect your stimulus payment, you may have to wait to receive a credit on your 2020 tax return. 

 

Per the IRS:

If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return.  This is particularly important for individuals who may be entitled to the additional $500 per qualifying child dependent payments. For VA and SSI recipients who don’t have a filing requirement and have a child, they need to use the Non-Filer tool (link) on IRS.gov by May 5 in order to have the $500 added automatically to their $1,200 Economic Impact payment. We encourage people to review our “How do I calculate my EIP Payment” question and answer (See question 11).

 

Economic Impact Payments

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