If you have a valid Social Security Number then you can be eligible for the Recovery Rebate Credit on your 2020 tax return and the third stimulus payment.
Please enter $0 when TurboTax asks about the amount received:
- Log into TurboTax
- After entering all your information click "Federal Review" at the top of your screen (or click "Search" and type "Stimulus" and follow the jump to link).
- On the screen "Let's make sure you got the right stimulus amount" click "Continue".
- You will be asked about the amounts of first round and second round stimulus payments you received. If you did not receive a payment enter "0".
- TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get.
- Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.
Your credit amount will be reduced if your 2020 adjusted gross income (AGI) is more than:
- $150,000 if married and filing a joint return or filing as a qualifying widow or widower
- $112,500 if filing as head of household or
- $75,000 for eligible individuals filing as a single or as married filing separately.
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )
The third round of Economic Impact Payments will be based on the taxpayer's latest processed tax return from either 2020 or 2019. If the IRS has received and processed a taxpayer's 2020 return, the agency will instead make the calculation based on that return.
- If you have an adjusted gross income (AGI) under $75,000 ($150,000 married filing jointly), you will be eligible for the full $1,400 stimulus payment.
- Payments will begin to be reduced for individuals making $75,000 or above in AGI ($150,000 for married filing jointly.)
- Once your AGI reaches $80,000 for individuals ($160,000 married filing jointly) you will be ineligible for a payment.
Please see How will the third stimulus impact me? for additional information.
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