I am using the What-if worksheet to get an estimate of my 2021 taxes, checking the box "use 2021 tax rates". There is a new line toward the end, Recovery Rebate Credit. I think Turbotax should leave it blank since the credit only applies to tax year 2020. Additionally, it doesn't seem to be aware of the current adjusted gross income cap, it is using the eligibility for the first stimulus (e.g., $200k for married couple, with reduction for above $150k).
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No. There will be a 2021 Recovery Rebate Credit to reconcile the third stimulus payment. This is for taxpayers who, based on their 2021 tax return, would receive a larger third stimulus payment than what they received during the year.
Depending on what your adjusted gross income (AGI) will be on your 2021 tax return, you may be eligible for a credit if you have not received a third stimulus payment and your married filing joint AGI is below $160,000.
No. There will be a 2021 Recovery Rebate Credit to reconcile the third stimulus payment. This is for taxpayers who, based on their 2021 tax return, would receive a larger third stimulus payment than what they received during the year.
Depending on what your adjusted gross income (AGI) will be on your 2021 tax return, you may be eligible for a credit if you have not received a third stimulus payment and your married filing joint AGI is below $160,000.
Thanks for the info about the credit still being active on the 2021 return for those people who have not received any or all of their stimulus payment, or should have had a larger one. I received all three payments based on my 2019 return. I don't qualify based on my 2020 AGI (probably why Turbotax did not query me about it when working on the return). I will not qualify either based on my projected 2021 AGI, so I will ignore the calculated Recovery credit on my What-if worksheet.
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