@VolvoGirl - let me repost your thread and explain
If you got the the first 2,400 but not the 500 for child so it s/b 2,900.
But then made too much in 2020 to get any or a reduced amount (say $300)
You don't get the extra 500 for the first one and nothing for the second because you already got 2,400.
So first and second are cumulative?
You actually got 2,100 too much, right?
since you didn't list the income I really can't work through this , but there is no such thing as 'too much' as Congress said no one was going to be asked to return money.
Let me try a different example:
2018 income $80,000. joint, 1 child
2019 income $75,000 joint 1 child
2020 income $160,000, joint 2 children (one born in 2020)
For the first stimulus payment, the IRS used my 2018 tax return, and I received $2900
for the 2nd stimulus payment, the IRS used my 2019 tax return and I received $1200 - IRS couldn't explain why they left off my child. The new born isn't the child left off because Baby wasn't on my 2019 tax return,
For my 2020 tax return, here is how EIP is calculated:
- I was eligible for $3400 on the 1st stimulus payment (2 adults and 2 children) and that is reduced by $500 because my 2020 income is $10,000 over the $150,00 threshold. So $2900 is the result
- I was eligible for $2400 on the 2nd stimulus payment (2 adults and 2 children) and that is reduced by $500 because my 2020 income is $10,000 over the $150,00 threshold. so $1900
I received $4100 from the Payments and I am eligible for $4800 in EIP. Line 30 should display $700....
I worked this out against the worksheet in the 1040 instructions
Line 5 - $2400
Line 6 - $1000
line 7 - $3400
line 8 - $1200
line 9- $1200
line 10 - $2400
line 11 $160,000
line 12 - $150,000
line 13 - $10,000
line 14 - $500
line 15 - $2900
line 16 - $2900
line 17 - -0-
line 18 - $1900
line 19 - $1200
line 20 - $700
line 21 - $700
