topic Why is 2nd stimulus using my 2020 AGI? in Get your taxes done using TurboTax

Why is 2nd stimulus using my 2020 AGI?

Vnorfi — Sun, 17 Jan 2021 17:52:21 GMT

TurboTax is using 2020 AGI, not 2019.

Re: Why is 2nd stimulus using my 2020 AGI?

DoninGA — Sun, 17 Jan 2021 17:53:43 GMT

The stimulus payment is a advance tax credit for 2020 so it is based on your 2020 tax return.

Re: Why is 2nd stimulus using my 2020 AGI?

Vnorfi — Sun, 17 Jan 2021 17:56:29 GMT

That’s not true. IRS website clearly states it’s based off 2019 AGI. It’s not an advance.

Re: Why is 2nd stimulus using my 2020 AGI?

Critter-3 — Sun, 17 Jan 2021 18:01:48 GMT

OK ... BOTH stimulus payments were an ADVANCE on the 2020 credit. They used the 2018 or 2019 info to estimate your credit in advance however the credit is reconciled on the 2020 return using the 2020 info which may or may not be good for you. If you did not get enough in advance then you get more on the 2020 return. If you got too much in advance then you get to keep the excess ... there are no "take backs".

Read up here : https://www.irs.gov/newsroom/recovery-rebate-credit

Re: Why is 2nd stimulus using my 2020 AGI?

Vnorfi — Sun, 17 Jan 2021 18:09:37 GMT

Well dang. That’s not fair. A check was trying to be deposited to my account but we closed it. And now I find out that we have to just file our taxes and claim it but now it seems like we won’t get the full amount. Although I haven’t completely finished imputing income and deductions.

Re: Why is 2nd stimulus using my 2020 AGI?

Critter-3 — Sun, 17 Jan 2021 18:57:16 GMT

Well that is the way the cookie crumbles when they try to put out millions of checks in less than a month. Some folks will get the short end of the stick. Let's see if congress can agree on a third go around sometime before the end of the year. LOL