Missed error

[crmccarty]

There was an error on my 1040-SR. I exceeded the limit on adjusted gross income and increased my tax liability

This wasn't flagged using the home & business program. What happened? All other errors were flagged and corrected. 

[AliciaP1]

Can you clarify what the error was and how you determined there was an error?

[crmccarty]

Line 11 adjusted gross income on the 1040-SR was $150,701. Maximum allowed is $150,000.

This issue was one of five reasons listed that  could cause the IRS to recalculate my return in the letter I received

[DoninGA]

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@crmccarty wrote:

Line 11 adjusted gross income on the 1040-SR was $150,701. Maximum allowed is $150,000.

This issue was one of five reasons listed that  could cause the IRS to recalculate my return in the letter I received

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On IRS Forms 1040 or 1040-SR there is no maximum amount for Adjusted Gross Income.

What credit are you referring to which would limit the AGI to $150,000?

[crmccarty]

Under the first section of the letter I received refers to the Recovery Rebate Credit.

The fourth reason listed under Why we changed your information refers to the maximum allowed AGI for filing jointly

[DoninGA]

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@crmccarty wrote:

Under the first section of the letter I received refers to the Recovery Rebate Credit.

The fourth reason listed under Why we changed your information refers to the maximum allowed AGI for filing jointly

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Yes, the IRS would reduce the credit slightly if your AGI was just over the $150,000 threshold.

Form the Form 1040 instructions for Line 30 Recovery Rebate Credit worksheet page 59 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=59

Is the amount on line 11 of Form 1040 or 1040-SR more than the amount shown below for your filing status?
• Single or Married filing separately—$75,000
• Married filing jointly or qualifying widow(er)—$150,000
• Head of household—$112,500

[crmccarty]

Yes. Will be offline a few days. Thanks

[VolvoGirl]

How much did Turbo Tax put on 1040 line 30?  Did you already get all or some of the 3rd Stimulus payment?  It was 1400 per person.   It came out last March to May and was based on your 2020 return to send the checks out fast.  Double check your bank account.  

How much was your 2020 AGI?   Did the IRS send you letter 6475 saying how much they sent you?  If you are married you each should get a letter for half.  You needed to enter the total you got then Line 30 is only if you didn't get the full amount or qualify for more.  

You may have answered a Stimulus question wrong and tried to claim it again.