It depends. If you did not get a first or second round stimulus payment because you did not qualify due to the last tax return filed, and now you qualify due to a change in circumstance, then you will get a Recovery Rebate Credit. The Recovery Rebate Credit is calculated into your overall tax refund and will either increase a refund or decrease the amount of tax owed.
To qualify, you must:
- Be a US citizen or resident alien.
- Not be claimed as a dependent on someone else's tax return.
- Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced.
It is recommended that you first enter all your income and deductions on your return so the correct amount of the tax credit is correct. This will be important if your situation has changed in 2020 since your stimulus was based on the last tax return you filed.
Then, please follow these steps to get to the recovery rebate form:
- With your return open, search for stimulus with the magnifying glass tool on the top of the page.
- Select the Jump to Stimulus in the search results to directly go to correct TurboTax page.
- If you did not get the first and/or second round stimulus payment, make sure to enter 0.
Once complete, TurboTax will inform you if you qualify for the Recovery Rebate Credit.
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