Recovery rebate credit for 2021 taxes

Forum|Forum|4 years ago
February 9, 2022
2 replies
1 view

On my 2020 1040-SR, under Recovery rebate credit, line 30 my wife and I received a credit of $1200. This I believe was the third Recovery payment. I seem to remember that this credit was issued/addressed only after or during my 2020 taxes. In other words, no check was ever issued, but was handled as a tax credit on my return. Therefore, no letter (6475) was received documenting the $1200. On my 2021 taxes, I was asked what my Recovery rebate credit amount for the third stimulus was. I put in $1200 i.e. line 30 of 1040, 2020. Turbo Tax has now added $ 1600 ($2800-$1200) to my return. Is this correct or have i missed something? Please help! Thanks much.

Chrish

xmasbaby0

Level 15

Yes you are confused about the stimulus payments and which was which.

The 1st stimulus payment was issued in 2020---it was for $1200 for adults and $500 for each dependent under the age of 17.

The 2nd one was issued in late 2020 or early 2021 and it was $600 for each adult or each dependent under the age of 17.

The 3rd one was issued in mid-2021 and it was for $1400 per person and $1400 per dependent with no age restriction.

Letter 6475 is only for the 3rd one---it has nothing to do with the 1st or 2nd EIP payments.

When you are preparing your 2021 return you need to enter the amount you received for the 3rd EIP payment. If you did NOT receive that 3rd payment you can get it as a recovery rebate credit on your 2021 return. It will show up on line 30 of your Form 1040.

Check your online account with the IRS to see which stimulus payments have been issued to you.

https://www.irs.gov/payments/your-online-account

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Level 15

The Recovery Rebate Credit on the 2021 tax return is for the 3rd stimulus payment you would have received in March - May 2021. It is $1,400 for each taxpayer and for each dependent on a 2021 tax return.

The letter 6475 was only for the 3rd stimulus payment. If you did not receive the letter 6475 look on your tax account for the stimulus payments sent to you by the IRS - https://www.irs.gov/payments/your-online-account

Go to this IRS website for the letter 6475 information - https://www.irs.gov/individuals/understanding-your-letter-6475

If you received the $1,400 stimulus payment for each of you then go back and change your answer.

Enter stimulus in the Search box located in the upper right of the program screen. Click on Jump to stimulus