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Get your taxes done using TurboTax
It depends on what was reflected on your 2020 income tax return.
If you had a refund even after applying the credit, you may not owe anything. If however, your credit offset any tax liability, then potentially, yes, you will need to pay the tax due.
I recommend reviewing your tax return to figure this out. Look at line16 that would show your total tax, and line 30 for the amount of the Recovery Rebate Credit. Deduct the total from line 30 from line 33, total payments. The net amount left would be the actual payment on your 2020 income tax return that would be used to offset the tax liability listed on line 16.
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March 13, 2021
9:10 AM