I cannot see your tax return but I suspect that you are seeing this statement because TurboTax suspects that you may be eligible for a stimulus payment reduced by 5% of the amount by which your AGI exceeds the applicable threshold.
IRS FAQ under Who’s eligible for the second round of Economic Impact Payments? states:
Generally, if you’re a U.S. citizen or U.S. resident alien, you may be eligible for $600 ($1,200 for a joint return), plus $600 for each qualifying child, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2019 tax return, have a social security number (SSN) valid for employment and your adjusted gross income (AGI) does not exceed:
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
- $112,500 if filing as head of household; or
- $75,000 for eligible individuals using any other filing status
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.
After you enter the actual amounts of stimulus payments received, what answer does TurboTax arrive at?
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