DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, the payment of the third stimulus was determined by the last filed tax return but the Recovery Rebate Credit for the third stimulus payment is based on the 2021 tax return. Therefore, you might qualify to get the Recovery Rebate Credit if your income got reduced in 2021.

 

To claim the Recovery Rebate Credit in TurboTax, please follow these steps:

  1. After entering all your information click "Search" at the top right and type "Stimulus".
  2.  Follow the jump to link (if you do not qualify for the Recovery Rebate Credit the stimulus questions will not come up). 
  3. On the screen "Let's double-check the amount you received" you will be asked about the amount of third stimulus payment you received. TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get. 
  4. Any stimulus amount remaining due to you will show as The Recovery Rebate Credit on line 30 of Form 1040.

 

To be eligible for the Recovery Rebate Credit you need to be a U.S. citizen or U.S. resident alien in 2021 and have a Social Security number that is valid for employment.

 

You cannot be claimed as a dependent by someone else to be eligible. 

 

Your credit amount will be reduced if your 2021 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 ).

 

 

 

Please see What are the eligibility rules for the Recovery Rebate Credit? for additional information.

 

 

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