Recovery Tax Credit Issue

Forum|Forum|5 years ago
March 18, 2021
1 reply
12 views

While doing my taxes, TurboTax asked: Looks like you qualified for a stimulus payment. Did you receive any checks in 2020?

I assumed I didn't qualify since I did not ever receive any stimulus payment so I noted that I did not receive any checks and I was credited what I should have received. It wasn't until after I filed my taxes, I realized TurboTax had the incorrect AGI for 2019. Is that figure what drives the above question? Just trying to figure out if I was really entitled to the stimulus or if I now owe the IRS the funds back.

Best answer by xmasbaby0

No the recovery rebate credit is based ONLY on your 2020 income. It is not based on 2019. They used 2018 or 2019 returns last year when they had to get those checks out in a hurry. But the stimulus checks were an advance on the credit you can get on your 2020 tax return. If you are eligible based on your 2020 income, you get the money.

xmasbaby0

Answer

Level 15

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