On my tax return 2020 I'm preparing I am filing MFJ. I have 2 children. 1 born in 2019 and another just this past year in 2020. I received a the 1st stimulus check for 2900 around April 2020 and the 3rd stimulus check 4200 around March 2021. My AGI for 2018 and 2019 was below 150,000 which means I should be eligible for the full economic stimulus for each check sent. My AGI increased to 180,000 in 2020 but my understanding is this should not impact the amount I did not get the 2nd stimulus check. My understanding is the stimulus checks are actually advance payment of credit for 2020 year, so if you didn't get a stimulus payment or only got partials you get the refundable credit when you file your tax return if you are eligible. my understanding is I should be getting an economic recovery rebate credit given I didn't get a 2nd stimulus check and I was eligible for the full amount. Also, I should get addition for my 2nd child was born in 2020 not accounted for in the advancement credit.
It looks like turbo tax is basing my elibility off my 2020 AGI which is 180,000. Why is this happening.
What I don't understand is after entering this information into Turbo Tax is why my taxable income and tax went up from a refund of 133 to tax due of 1794? Please help me understand
- April 2020: $1,200 stimulus checks, with $500 for each eligible dependent, were sent out as a part of the
- Jan 2021: $600 stimulus checks, with $600 for each eligible dependent, were sent out as a part of the
- March 2021: $1400 stimulus checks, with $1400 for each eligible dependent, were sent out as a part of the
As you start to prepare your taxes this year, you ma
