You'll need to sign in or create an account to connect with an expert.
There does not appear to be an issue. If you received all the stimulus payments you were eligible for based on your 2020 tax return you are good to go.
Based on your 2020 tax return as a single filer, you would have been eligible for $1200 and $600. If you indicated you received at least those amounts, then the Recovery Rebate Credit on line 30 of your form 1040 would have been reduced to zero.
Even if you indicated you received more than that, the credit only goes to zero and you do not have repay anything.
You return is good.
The only thing to do is wait for the IRS to recalculate your return and adjust the refund. If you will not be in a balance due and want to pay it by April 15, 2021, see: How can I pay my federal taxes?
For more information from the IRS, see: March 1, 20201 Update for 2020 Recovery Rebate Credit — Topic G: Correcting issues after the 2020 ta...
Yes, you are eligible for only $600 for the second stimulus. The stimulus payment section must have amounts entered in each stimulus payment box.
For more information about your initial question, see: What is the TurboTax 100% Accurate Calculation Guarantee? This guarantee exclusively covers TurboTax calculation errors.
Unfortunately, the delay caused by this error will most likely result in me not getting the latest $1400 stimulus payment because my 2020 return has a different bank account than the 2019 return because of my divorce - the first account is closed. I am 74, retired, and counting on the refund plus this latest stimulus payment to pay bills. I have used Turbo Tax for years but will be hesitant in the future because of this.
We do not have specific information on the income qualifications or procedures for the tax changes including a third stimulus payment because the measure has not been passed yet. See here for the most current information on the American Rescue Plan.
IRS information updates can be found here. TurboTax information updates can be found here.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
techie353
Level 3
tuffy7999
New Member
Jsteven408
Level 1
rajamj
New Member
superlyc
Level 3