First & Second Stimulus Checks & Turbo Tax--QUESTION!

[too]

I filed my taxes for 2020 using Turbo Tax. Turbo Tax for 2020 used my 2020 income to file for my first AND second stimulus checks, $1200 plus $600! (I just received it)....BUT....Turbo used the form in 2020 for my income in 2020 NOT 2019!  This does not make any sense; is that correct? Any one know?... I need an expert...Thanks

[DoninGA]

The Recovery Rebate Credit is based on your 2020 federal tax return, your filing status and your 2020 AGI.

IRS website for the Recovery Rebate Credit - https://www.irs.gov/newsroom/recovery-rebate-credit

If we issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments.

If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.

Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.

[too]

thank you for the answer and the link...., it seems there are 2 different types of payments!. Economic Impact Payments and Recovery Rebate Credit. This mean the filed and received stimulus checks based upon 2020 income are good...BUT... even though income for 2019 was too high to qualify ;over &75K?? ....does this fall under the "changed circumstances"??

Thanks

[KrisD15]

The first and second stimulus were both to be based on your 2020 income. They were "Advanced Payments" 

Since they were made before taxes could be filed, the payments were based on 2019 returns. 

Now we CAN file our 2020 returns.

If the 2020 returns indicate the stimulus received was too little, the additional amount is received as the Recovery Rebate Credit. 

If the 2020 returns indicate the stimulus received was too much, the excess does NOT need to be paid back.