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Business & farm
@adwpayne wrote:
Apologies for the confusion. TurboTax listed on line 30 the difference between what we "should" have received ($4,500) and what we did receive ($995.35). So the amount listed on line 30 should have been the total credit amount and transferred to the bottom line. However, the IRS deducted the $995.35 (again) from the refund amount on our return - from which that amount had already been deducted. So, essentially, the amount we received in March 2021 was deducted twice. I'm wondering if there's any way to fix that and recoup the nearly one thousand dollars. Hope that clarifies. Thanks!
What you received for the third stimulus was based on your 2020 tax return and your 2020 Adjusted Gross Income. So what you received, $995.35, was based on the 2020 return.
The TurboTax program calculated what you should have received is based on your 2021 tax return and your 2021 Adjusted Gross Income. The $4,500 is an odd number, if you are married and filing jointly with one dependent the amount should have been $4,200.
When asked if you received $4,500 and you answer No then you entered the amount of $995.35 you received, on your Form 1040 Line 30 there should have been $3,504.65 ($4,500 minus $995.35).
For tax year 2021 are you filing Married Filing Jointly? And how many dependents? What is your Adjusted Gross Income on the Form 1040 Line 11?