You'll need to sign in or create an account to connect with an expert.
No, it cannot be changed.
The recovery rebate credit is figured like the economic impact payments except that the credit eligibility and the credit amount are based on your 2020 tax year information.
The economic impact payments that were received in 2020 were based on your 2018 or 2019 tax year information. The economic impact payments were merely an estimate of what you would be entitled to when you filed your 2020 income tax return. The good news is that if they overpaid you in 2020, you do not have to pay it back. If they underpaid you, you would get the difference.
Does this mean that people who received both stimulus payments could potentially owe money to the IRS because of the stimulus checks?
No, if the IRS overestimated a stimulus payment, you do not have to pay back the difference.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jen-williams
New Member
Carterar
New Member
wookicorn89
New Member
takemetothatplac
New Member
tjams4him
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.