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Usually, the discrepancy is due to a child turning age 17. So on your Tax Year 2020 return is one or more of your children age 17 or older? They will not be counted for the credit.
The round one and two stimulus payments are advances on your Tax Year 2020 return. Whatever information is in your 2020 return is what you should get credit for ultimately. That is why both 4900 and 5400 would show as correct. As long as you exceeded the amount due to you per your 2020 return, then the amount will show as you have received the correct payments.
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:
I went through that part and that was where I had the problem. When I enter 4900, the amount I received, the app says that is the correct amount. When I enter 5400, the amount I should have received, the app says 5400 is correct too. Why does the app say that both 4900 and 5400 are correct? My income was around 70k, so I should have received 5400 with wife and 6 kids. I know the IRS used my 2018 returns to come up with the 4900, and in 2018 I only had 5 kids. The 6th was born in 2019. What do I need to do to help the app recognize my missing $500.
Usually, the discrepancy is due to a child turning age 17. So on your Tax Year 2020 return is one or more of your children age 17 or older? They will not be counted for the credit.
The round one and two stimulus payments are advances on your Tax Year 2020 return. Whatever information is in your 2020 return is what you should get credit for ultimately. That is why both 4900 and 5400 would show as correct. As long as you exceeded the amount due to you per your 2020 return, then the amount will show as you have received the correct payments.
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