The Recovery Rebate Credit is calculated based on your 2020 income. Per the IRS, your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $75,000 if you filing single. The credit phases out at a rate of 5% for AGI's over 75,000.
In addition, you must:
- Be a US citizen or resident alien.
- Not be claimed as a dependent on someone else's tax return.
If you qualified, but are still not seeing your credit, please make sure you entered $0 for any stimulus payments not received.
You can follow these steps in TurboTax to check your input:
- 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.
- View and/or edit, if necessary.
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