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Hello, The IRS found a miscalculation on my 2020 1040SR in the area of Recovery Rebate Credit. I owed an additional $2092. Should I have a tax pro review my 2020 return?

 
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Hello, The IRS found a miscalculation on my 2020 1040SR in the area of Recovery Rebate Credit. I owed an additional $2092. Should I have a tax pro review my 2020 return?

The Recovery Rebate Credit is on 1040 line 30.  How much is on line 30?  That is only if you didn't get the EIP1 & EIP2 stimulus payments or didn't get the full amount.  The first EIP payment was 1,200 for each spouse and 500 for each dependent.  The second EIP payment was 600 for each person on your return.   Are you married?  Did you claim any dependents?  

 

The IRS is usually right.  Did you already get the first or second stimulus checks?  Did you get the second check in 2021 after you filed?  You had to enter what you already got into the right 2 boxes or Turbo Tax gave it to you again.   

 

If you claimed a missing stimulus payment on your return but the IRS took it off you have to ask the IRS. They think they already sent it to you. Maybe it went to an account you don't remember. Or you got a check or a card. It was probably easy to miss the debit card in the mail and think it was junk mail. They have to put a trace on it.  See Question F3 for how to put a trace on a missing payment
https://www.irs.gov/newsroom/questions-and-answers-about-the-first-economic-impact-payment-topic-f-p...

 

Hello, The IRS found a miscalculation on my 2020 1040SR in the area of Recovery Rebate Credit. I owed an additional $2092. Should I have a tax pro review my 2020 return?

Lots of people made mistakes with the recovery rebate credit.   Did you enter an amount for the stimulus money that you received?   Did you enter ALL of the stimulus sent to you including EIP #1 and EIP #2 that was paid in early 2021?     Lots of people left out the 2nd payment and ended up with an amount on line 30.   Did you have an amount on line 30 of your Form 1040?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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