VolvoGirl,
I disagree. I am paying back the part of the stimulus I got. If I'm understanding correctly the stimulus is really an advance refund credit for 2020. The stimulus 1st and 2nd are estimate advance refunds based on 2019 or 2018 tax return information. IRS is assuming your income will not increase for 2020. It looks like my tax return I prepared is correct assuming I did not get a second stimulus check. Most of my first stimulus is phased out since my income is significantly higher. I agree with you my credit is roughly $900 if I had 1 child but I am paying back almost $2,000 on my tax return as I owe taxes to the IRS if I had one child. What I don't understand is why isn't turbotax factoring in 2 children. My second child was born in Aug 2020. Is this because is birthday was after the payment of the stimulus payments? Is the IRS this accurate in counting your household?
The 3rd stimulus is based on 2021. So I will assume will reconcile account for a family of four $5,600 instead of three. I will get additional 1400 on my return assuming I get the full amount $1400x 4.
