Under law, the stimulus was always a credit on the 2020 tax return. The IRS was instructed to use 2019 or 2018 information if necessary, in order to make faster payments. If, when you file your 2020 tax return, you qualified for more than you received, it would be added as a rebate. If you can now qualify for less than you received, you do not have to repay the difference. Since you qualified for $2505 based on your 2019 return and only qualify for $1500 on your 2020 return, you don’t have to pay back the difference but you don’t get anything extra. The calculation that TurboTax is performing seems to be correct, even though the information that is being displayed is not correct.
Once again, based on your 2020 income, you would be eligible for a second payment of $387 if you did not receive one previously. I don’t know why TurboTax is not calculating it correctly or displaying the correct information. Have you checked line 30 to see what is there?
