I just received a notice from IRS that I owe for 2021 because of incorrect Child Tax Credit and Recovery Rebate. I figured out the child tax part because I didn't have the total amount in monthly payments received when I filed. However, I cannot figure out the Recovery rebate issue. My AGI was under 150K, married filed jointly, 1 dependent who was still 17 at the end of 2021. My 3rd economic payment was $2100. I entered that into Turbo tax when I filed. My understanding is the Recovery rebate for married filed jointed was $2800 and $1400 for each dependent. Why would I not get the credit for the difference (2800+1400=4200-2100=$2100 credit on 2021 taxes)?
I am trying to call IRS but cannot get through for two days. If I am wrong on my conclusion that is fine and I don't want to waste time trying to get a hold of them. So any thoughts are appreciated.
