EIP2 Or Tax Money?

[Truvidien]

Hi!

So I just received my letter from the IRS letting me know in what amount I'll be receiving from them for the EIP2.. However it's less than half of what TurboTax told me I was getting.. Does the EIP2 take over my tax money or will I get both?  I'm a bit confused about this and cannot find a answer anywhere.. Or maybe one is available and I just can't seem to find it. 

Thanks!

[fanfare]

if you qualify for it, EIP goes on your tax return as "other amounts already paid".

After that the regular calculation is done and you either owe IRS or get a refund back.

Please review your Form 1040 to see this in action.

[trade2319tgz]

never received EIP2.  both 2019 and 2020 returns have been filed. do i need to file an amended return? thanks for your consideration.

rod 

[email address removed]

[JotikaT2]

It depends.

I recommend reviewing your 2020 income tax return to see if the Recovery Rebate Credit was calculated on your return.

You will need to look at your Form 1040.  If you claimed the rebate recovery credit, it will show up on Page 2, line 30 of your Form 1040 as the Recovery Rebate Credit.  See the sample form below.

This amount is generated from TurboTax based upon your input as follows in the Federal input section.

If you see an amount in line 30, then your return has already been prepared to include the Recovery Rebate Credit.

Recovery Rebate Credit eligibility

If line 30 is zero, you will need to amend your return to reflect the actual amount of your first and second stimulus payments received in order to receive the credit.

The input will be at the beginning of the Federal Review section.

@trade2319tgz