@Griff48 wrote:
You dont get it either. Lets try this. What line is turbotax supposed to use to list the $3600 credit I already received? Its probably supposed to be on Schedule 3. But turbotax isnt listing anything in schedule 3. Turbotax knows I received the $3600 because I went through that dialogue. However, the info is not being transferred anywhere as a credit. As I mentioned I do not qualify for the Recovery Credit because I got the money. I do qualify for a $3600 credit on some form somewhere. Which form and which line item is turbotax supposed to put this prepaid credit on?????
You received the correct amount of payments, you do not get a credit anywhere on the 2020 federal tax return, period.
The Recovery Rebate Worksheet is on IRS Form 1040 (2020) Instructions page 58 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=58
IRS Website for the Recovery Rebate Credit - https://www.irs.gov/newsroom/recovery-rebate-credit
Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments.
If we issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments.
If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
You will need to know the amount of any Economic Impact Payments issued to you to claim the Recovery Rebate Credit. If you’re eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments we issued to you. Always be complete and accurate when you file a return.
