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Please be aware, the questions will not come up if your adjusted gross income (AGI) is too high.
To be eligible for the Recovery Rebate Credit you need to be a U.S. citizen or U.S. resident alien in 2020 and have a Social Security number that is valid for employment.
You cannot be claimed as a dependent by someone else to be eligible.
Your credit amount will be reduced if your 2020 adjusted gross income (AGI) is more than:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )
To claim the credit in TurboTax, please follow these steps:
According to online stimulus calculators I have found, with my AGI I would still get a small amount once I factor in that I claimed 3 kids in 2019. However, I only claimed 2 kids in 2020 and based on the calculators, it shows $0 if I only claim 2 kids. I thought stimulus amount was based on 2019, not 2020?
When I try to go to the Stimulus section from search, TT just takes me to "Lets Review" and says nothing about stimulus at all.
No, the Recovery Rebate Credit is based on your 2020 tax situation.
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