Using Turbo tax and it ask me to enter exact amount I received. when I put $1400 which matches letter 6475 it wants to give me $1400 credit for adult dependent. Cant be right as she received the stimulus payment. Should I put $2800 in even though it does not match my letter 6475.
No. Only enter the 1,400 you actually got. You CAN get another 1,400 even if she already got hers and she doesn't have to pay it back. That's legit. It's a loophole.
If you enter $2,800 you will be sending a check, or getting a bill, for $1,400.
@fanfare You are reversing it. If they enter more than they got then there won't be 1,400 credit on line 30. And the IRS will see they only sent you out 1,400 and probably ADD 1,400 to your refund.
The stimulus is a credit on your 2021 return. The IRS was instructed to make payments early based on the best information they had, knowing it would sometimes be wrong. Your dependent would not have gotten a check on their own unless they were not a dependent for 2020 or 2019.
If they were legitimately not a dependent in 2019 or 2020 and got a check, but are legitimately a dependent for 2021, then you will be entitled to another rebate on your tax return, and they will not have to repay their check. Only indicate what you received under your name.
Ok, now really confused. I have always used turbo tax but was curious what info I would get from another site. I contacted Taxslayer with same question and it seems they are providing me the complete opposite advice. My dependent was not a dependent in 2019 or 2020 but was in 2021 after injury and loss of income. She received the 3rd round stimulus check for $1400. I have pretty simple taxes but seem to get contradicting info on this matter and don't want any IRS issues as I am on limited income so I am trying to do this correctly. Therefore what is best solution for me, See taxslayer advice below:
Thanks to all for the help.
Gary
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| "Thank you for contacting our support team. |
Thank you for your email request. You would need to enter the total amount received between you and the dependent you will be claiming this year. Since you both received the full amounts, you are not eligible to claim the Recovery Rebate Credit in the amount of $1400. If this credit is claimed and you do not qualify, it would cause delays in the processing of your refund by the IRS as they will have to manually adjust your refund amount." |
Question E15 here,
"claimed" means a non-zero amount on Form 1040 Line 30.
It is the amount you did not get, but should have.
in my prior answer, I meant putting an amount of $2,800, on Line 30.
That would give you a big refund, but IRS would [ take that amount off ] reduce that; you're not eligible for [ it ] that much.
If the taxpayer received $1400 in their own name, but list a dependent on their 2021 return, the taxpayer will qualify for $2800 of rebate. Subtract the $1400 paid as a stimulus check, and the taxpayer will claim the additional $1400 as a credit on line 30. It does not matter that the dependent received a stimulus in their own name, per the IRS FAQ cited above.