You cannot manually override the amount on Line 30 of your 1040 tax return.
The Recovery Rebate Credit is calculated based on your 2020 income, whereas the stimulus payments were based your 2019 tax return or last return filed. If a taxpayer did not qualify for the stimulus payments based on the last return filed, then they could recoup the stimulus payment with the Recovery Rebate Credit if they are eligible to do so.
Per the IRS, your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are using any other filing status.
To enter your stimulus payments received, you can follow these steps in TurboTax to enter information for 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.
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