One-off income in 2019 and stimulus payments.

I had a one-off income situation in 2019 that pushed our joint income over the stimulus cutoff. (It was far more than my normal yearly income.)

Do I need to file my taxes ASAP to show that my normal income is well below the threshold (Especially for 2020)?

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1 Best answer

Expert Alumni

Jan 13, 2021 11:23:04 AM

Yes, if your income in 2020 is below the threshold, you will receive the stimulus payment when you file your 2020 tax return.

If you did not receive your first and/or second stimulus payment or if the amount received is not correct, you can claim it on your 2020 tax return as the Recovery Rebate Credit.

In TurboTax Online, to claim the Recovery Rebate credit please do the following:

Sign into your account and continue from where you left off
Click on Federal in the left-hand column, then on Federal Review on the top of the screen
On the next page titled Let's make sure you got the right stimulus amount, click on Continue
Follow the interview
TurboTax will determine whether you are entitled to any additional stimulus
Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.