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New Member
posted Jan 18, 2021 10:18:20 PM

I have entered my information for the recovery rebate credit and after using the prediciton calculators the rebate doesnt match what I was supposed to receive. It states that I have received the corre

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1 Replies
Expert Alumni
Jan 20, 2021 11:04:03 AM

The Rebate Credit on your 2020 tax return is based on the information in your 2020 return.  Any payments received in the first and/or second round of stimulus are compared to what you should receive according to your 2020 tax return.

 

If the amount you have already received exceeds the 2020 number then you are deemed to have received the correct amount. 

 

If the total of the payments already received is lower than your 2020 number then a credit for the difference is added to your tax return.   

 

Here is a link that may help.