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ctabler
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Recovery Rebate credit - line 30

Interesting saga here.  I received stimulus two checks - one in Dec,2020 for $2400 and one in Jan, 2021 for $1200. When filing (turbotax Self employed version online)  I was given two choices for stimulus checks received - both 2020 and 2021.  As the second check was dated 2021 I did not want to pay include it on my 2020 return, so I chose the  radio button for the first refund only.  So my return was accepted by IRS and I had a refund coming of $716. Fast forward 3 months and I get a letter from IRS stating I made a "miscalculation" on 2020 form 1040sr,  Recovery Rebate Credit. and they conveniently "we changed your return" and now I owe $484.  Which equals the $1200.  so I called the IRS.  I thought stimulus checks were not taxable.  Well turns out I wasnt taxed on this but had a line 30 credit which should not have been there and they corrected it.

 

Unbeknowing to me, TT placed a line 30 Recovery rebate credit of $1200 because I did not acknowledge it (or admit it to my 2020 return).  That is a TT mistake. That is not a credit that I am taking. Or IF that is what they need to do  . . ..  they need to explain it to person filing out their online form.  Now I have a tax bill due of $484!  Not good for TT.  TT should refund the price I paid for their product because this was their mistake.

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2 Replies

Recovery Rebate credit - line 30

Actually that was your own mistake.   You were supposed to enter that you received both of those checks even if you got the second one in early 2021.   Because you said that you did not receive it, the software put the credit  amount on your return and giving it to you again would have been "double dipping"---which you cannot do.  The IRS cross checked, saw that you got the $1200, and took it away from your refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Recovery Rebate credit - line 30

Sorry you were suppose to enter it in the second box that you received it even if you got it in 2021.  The screen even said the second one is between Dec and February.  You said you didn't get it so Turbo Tax gave it to you again.  And if line 30 was blank like it should have been you would have originally owed the 484 tax due.

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