No, it's not correct. There is a bug in the TurboTax interview for the Recovery Rebate Credit when your AGI is in the phaseout range. The first screen, that says "Let's double-check the amount you received," incorrectly says that you are eligible for the full $1,200 and $600 (if single), even though the AGI is over $75,000. After you enter the amounts you actually received, the calculations on the Recovery Rebate Credit Worksheet are correct, and the credit on Form 1040 line 30 is correct. The bug only affects the amounts displayed on that first screen. But that screen tells you that you are eligible for more than you are actually eligible for.
This is a known issue that is currently being investigated.
The post by rjs is correct.
Please see the link below for more details.
[Edited 04/28/2021| 4:24 PM PST]
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