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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.
Recovery Rebate Credit eligibility
[Edited 04/28/2021| 4:24 PM PST]
The Recovery Rebate Credit worksheet for TurboTax 2021 is looking at the our 2021 AGI rather than our 2020 AGI and carries over to Form 1040 line 30. Based on our 2020 AGI we are not eligible for the third stimulus payment! How is this corrected?
The advance payment was based of 2020 income, but the actual credit (Recovery Rebate 2021) depends on your 2021 adjusted gross income (AGI). So, if you did not receive the advance payments because your 2020 AGI was too high, but then you have a low enough AGI in 2021, you will qualify for the Recovery Rebate on your 2021 return and you should find that credit on Line 30. @Alex115
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