1040 Recovery Rebate Credit Error/Change

Forum|Forum|4 years ago
April 19, 2022
2 replies
0 views

No text available

TurboTax Self Employed Online

Best answer by FangxiaL

I need to make an amendment to my deductions (completely unrelated to the Rebate Credit Error), but I need to make an update to the Rebate Credit line 30 on the 1040, in order for the entire form to be correct, could someone please inform where this is in the online TurboTax menu.

To update line 30,

Open your tax return
In the search box, type recovery rebate credit and select the Jump to link at the top of the search results
Click Yes to confirm the 3rd stimulus check you already received.

@adf23sa423sfax

AmyC

Level 15

Line 30 is the stimulus, saying you did not recieve it while the IRS believes that you did. If you did, then they are correct. If you did not, you need to request a payment trace, call 800-919-9835 or fill out IRS Form 3911, Taxpayer Statement Regarding Refund.

Lines 32 and 33 are your total payments plus refundable credits.

Line 34 was your refund.

Line 35a is the amount of your refund you want sent to you rather than applying to next year.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

ErnieS0

Level 15

Form 1040 line 30 would be $0 is you are single and received the full Rebate Recovery Credit of $1,400. Putting $1,400 on line 30 adds an additional $1,400 to your refund.

The IRS seems to be correct. $401 + $999 = $1,400.

The $600 payment is the second stimulus. That was reported on the 2020 income tax. You were supposed to have received that money in 2020, but a few taxpayers, included yourself, did not receive it until early 2021.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

adf23sa423sfaxAuthor

Level 2

Thank you.

I am also seeing now that I might have made a mistake in my deduction calculation unrelated to this credit error.

Is it too late to go back into Turbo Tax and re-file? Using most of the same information that I already filled out, but adjusting only in the deduction area.

If this is possible, please instruct how to go about and the process.

Thank you.

FangxiaL

Level 10

If you received your 3rd stimulus check in 2021, you cannot claim it again on your 2021 tax return. Check your bank record. If you agree with IRS' changes, you don't need to amend or do anything else, pay the balance due. The notice is correct if it is a fact that you have received the 3rd stimulus check already.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

adf23sa423sfaxAuthor

Level 2

Thank you.

I am still looking for answer to this-

I am also seeing now that I might have made a mistake in my expenses deduction calculation, a completely unrelated issue to the Rebate Credit question.

Is it too late to go back into Turbo Tax and re-file? Using most of the same information that I already filled out, but adjusting only in the deduction area.

If this is possible, please instruct how to go about and the process.

Thank you.

FangxiaL

Level 10

If you have already filed your taxes and now realized that you committed an error on your original return, you may consider amending your return to correct the error. Start the amendment to see if the changes can cause an increase or decrease in your tax liabilities.

How to amend my 2021 taxes?

@adf23sa423sfax

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"