Had a baby this year, which means we'll be eligible to receive a full stimulus check and child tax credit for them when it comes to file 2021 taxes assuming our AGI is under $150,000 (married filing jointly). Our income may come in $5-$10k above $150,000 (some of our compensation is commission-based so it's a bit of a guessing game at this point). In anticipation of this I was looking into ways to try to lower our AGI before EOY to be able to receive the full stimulus check for our baby and the full child tax credit. I was thinking of beefing up my contribution to my employer-sponsored 401k plan. Am I correct in thinking that any contribution amounts to that plan will lower our AGI for this purpose? And if so, do employer matches (mine matches $.25 for every $1) factor into the deduction amount as well? And lastly, are there any other ways to lower AGI that I should be exploring?
You'll need to sign in or create an account to connect with an expert.
Duplicate question. Please post your question only once.
Answered in your other post of the same question.
In addition to what you posted if your spouse is not covered by a pension plan he can contribute to an IRA. Also up to $600 in cash/check donations to charity will lower your AGI if you take the standard deduction.
Thank you very much @rjs! Apologies for the duplicate post—realized that the question fit best in the other forum after I posted here. First time poster. Good to know! Thanks again.
Thanks, @Bsch4477!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
9dbd0962566c
New Member
jennabaldwin02
New Member
bruce4201
New Member
RJG0307
Level 2
7583240647ee
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.