If you only received the first stimulus payment, then please enter 0 for the second stimulus payment in the recovery rebate form. If you are due a Recovery Rebate Credit, TurboTax will calculate this for you.
Please follow these steps to get to 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.
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 taxpayers' situation changes in 2020, they could get a partial or the full stimulus payments based on their 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.
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