topic How can I get the rebate recovery credit if I made to much money to be eligible for the second stimulus check? in Get your taxes done using TurboTax

How can I get the rebate recovery credit if I made to much money to be eligible for the second stimulus check?

brenda1956w — Sat, 06 Mar 2021 23:52:46 GMT

Re: How can I get the rebate recovery credit if I made to much money to be eligible for the second stimulus check?

xmasbaby0 — Sat, 06 Mar 2021 23:55:55 GMT

The recovery rebate credit is based on your 2020 income. If you got some of it in advance based on 2018 or 2019 income you do not have to pay it back.. But if you made too much in 2020 you do not get more.

The stimulus money you get for claiming your children is based on your 2020 tax return. When they hurried to send out checks last year they could not wait for people to file tax returns so they used either 2018 or 2019 information that was in the system already.

The stimulus checks were an advance on a credit you could get on your 2020 tax return. If your 2020 income is too high to be eligible for the stimulus you do not have to pay back money you received last year. But if you did not receive it last year, and your 2020 income is too high, they do not go back and give it to you based on your 2019 income—-you either do not get it at all or you are subject to the phased out amount for your income.

A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200 ($2,400 for a joint return) if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

$150,000 if married and filing a joint return
$112,500 if filing as head of household or
$75,000 for eligible individuals using any other filing status
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
You do not have a Social Security number that is valid for employment.
You are a nonresident alien.
The following are also not eligible: a deceased individual or an estate or trust.

Re: How can I get the rebate recovery credit if I made to much money to be eligible for the second stimulus check?

briankrichardson — Sun, 07 Mar 2021 01:31:13 GMT

Any thoughts as to why the IRS would not have sent the 2nd stimulus check if i met all criteria based on 2019 income? Just wondering, as my 2020 income is too high to actually qualify for the 2nd stimulus, so i can't actually claim it. Just wondering if anyone understands why the 2nd stimulus would have been not issued, even when the 1st was sent without issue.

Re: How can I get the rebate recovery credit if I made to much money to be eligible for the second stimulus check?

xmasbaby0 — Sun, 07 Mar 2021 01:34:55 GMT

We cannot tell you why----we do not know what they used for the stimulus check you got last time---2018 or 2019. But if you do not qualify based on your 2020 income they are not going to go backwards and use your lower 2019 income. Be happy you are doing well enough not to be as desperate for it as others who are much less fortunate and have been out of work for a year.