There appears to be a calculation error in TurboTax regarding the Recovery Rebate Credit. I'll cut right to it, I'm filing married filing jointly, and the totals of EIP1 and EIP2 received was $4769.08. As married with two dependents, I was eligible for $3400 in the first-round (EIP1) and $2400 in the second-round (EIP2), for a total eligibility of $5800. The Recovery Rebate Credit is reduced by 5% of the amount by which my AGI exceeds the married filing jointly threshold ($150,000). According to TurboTax, my 2020 AGI was $169,412. I exceeded the threshold by $19,412. 5% of $19,412 is $970.60. So taking the $5800 total I was eligible for and subtracting $970.60 from it, I get $4829.40. That's the total amount I should have received in total from EIP1 and EIP2. Again the total we received for EIP1 and EIP2 was $4769.08. Subtracting $4769.08 from $4829.40 is $60.32. So I think I should be receiving a Recovery Rebate Credit of $60.32. It's small but it's significant. There is no way in the program to manually calculate the credit, so I'm stuck with what appears to be a wrong calculation. So unless my understanding of the Credit is wrong, there is a bug in TurboTax potentially not giving taxpayers their full refund.
