Since I can't see your tax return, I can't tell what's going on without more information. When I do a test tax return for the situation that you describe, TurboTax calculates the Recovery Rebate Credit correctly.
In your original question you said that TurboTax said you were eligible for the maximum amount of both stimulus payments. That makes it sound like it's not using the correct AGI. Please look at line 11 of your Form 1040 in TurboTax. That's your AGI. Is it what you think it should be? Is it $198,000 or more? (For married filing jointly, the end of the phase-out range is $198,000 for the first payment and $174,000 for the second payment.)
You didn't say whether you are using TurboTax Online or the CD/Download TurboTax software. If you are using the CD/Download software, make sure there are no overrides anywhere in your return. An override can cause the calculations to break in unexpected ways, even if the override is in a place that you think has nothing to do with the problem. Occasionally people create an override accidentally by pressing Ctrl-D without realizing it.
Are you able to look at the Recovery Rebate Credit Worksheet in TurboTax? If so, please check the following lines on the worksheet. Are they all correct?
- Line 11 should be your AGI (from Form 1040 line 11).
- Line 12 should be $150,000.
- Line 16 should be the amount that you received for the first stimulus payment.
- Line 19 should be zero.
In your next reply, please say whether you are using TurboTax Online or the CD/Download TurboTax software.
