@wlzhangking - it doesn[t work like that - and is confusing..... here is how it works:
- these payments are advances on the 2020 tax return. What that means is Congress authorized the IRS to pay some of your 2020 taxes that is why Line 30 is in the 'payment section' of your tax return
- but the problem was that no one would know what their income, filing status and dependents were at the time the law was passed because 2020 hadn't ended yet.
- So the law stated that the IRS was to use the 2019 tax return (and if that wasn't available 2018) to determine the payments. These are the EIPs. But this was an ESTIMATE since 2020 wasn't available. this ESTIMATE is what you received as the stimulus payment!
- Now we get to the 2020 tax return and the ACTUAL income, dependents and filing status is available to calculate the ACTUAL amount you are due.
- if that ACTUAL is greater than the ESTIMATE the difference is the Recovery Credit on Line 30.
- if that ESTIMATE is greater than the ACTUAL, then Line 30 is zero and you are not required to return any of the excess.
Take your 2020 income, dependents and filing status and determine your Recovery Credit, subtract what you received so far. You get $1800 for each spouse and $100 for each child under the age of 17 as of 12/31/20; it is that simple if there is no income limitation. THAT is what is on line 30
If your 2020 income is high enough that you are ineligible, even if your 2019 income was low enough that you were eligible, it does not matter. Read the bullets above; 2020 income is what matters. This could be why you don't see the Recovery Credits; if TT knows your income is too high, it will not present this to you; artificially and temporarily lower your income below the limit and you will see the appropriate screens.
don't worry about the 3rd stimulus payment - that gets reconciled in 2021. You will either get a check from thr IRS after filing 2020 or it will be a credit on the 2021 tax return
please read this over again; it is the way it works.
