@Farmer Chuck wrote:
Question for the group and Turbo Tax:
My wife and I didn't receive any stimulus payments in 2020 because the IRS had not processed my 2019 Taxes. They used my 2018 taxes to determine we were not eligible. If they had processed my 2019 taxes, we would both have received stimulus checks. Now, our income went back up in 2020 so Turbo Tax is using our 2020 income to say we are again not eligible for the credit from not having received any stimulus payment. Shouldn't we receive a credit on our 2020 taxes for the amounts we were eligible for based on 2019 income?
The Recovery Rebate Credit is only based on your 2020 federal tax return for your filing status and the 2020 AGI.
IRS website for the Recovery Rebate Credit - https://www.irs.gov/newsroom/recovery-rebate-credit
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.
