"The Stimulus checks are really based on your 2020 tax return. Any amount you already got will be reconciled on your 2020 return line 30."
^The missing piece. Per IRS the Recovery Rebate Credit process is based off your 2020 return and the latest limits (ie. 150k for joint before the 5% reduction kicks in).
Within the IRS instructions on how to fillout the 1040 is a handy section that walks you through how to calculate if you qualify for a Recovery Rebate Credit. Using that matched exactly to what TurboTax came back with.
Iink to instructions doc: https://www.irs.gov/instructions/i1040gi
- Its a huge doc, do a search on 'Recovery Rebate Credit Worksheet' to help find the calc instructions
