topic I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923. My AGI is higher than $174,000 when there should be no credit? in Get your taxes done using TurboTax

I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923. My AGI is higher than $174,000 when there should be no credit?

madhudewan — Thu, 11 Mar 2021 18:45:29 GMT

Re: I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923. My AGI is higher than $174,000 when there should be no credit?

VolvoGirl — Thu, 11 Mar 2021 19:05:13 GMT

You still get some. For Joint the max is on $150,000. Then it is phased out until you reach 198,000. See how to calculate it on Question Q1 here,

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-c-calculating-my-economic-impact-payment

Re: I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923...

PattiF — Thu, 11 Mar 2021 19:16:45 GMT

The second stimulus check is based on the 2019 tax return. Was your AGI less that year?

Re: I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923. My AGI is higher than $174,000 when there should be no credit?

VolvoGirl — Thu, 11 Mar 2021 19:26:50 GMT

I came out with the same calculation. For the first round you get.....

179,532 - 150,000 = 29,532 x 5% = 1,476.60
Then max 2,400 - 1,476.60 = 923.40 credit

Re: I am filing jointly and my AGI is $179,532. Why am I getting a Recovery Rebate Credit of $923. My AGI is higher than $174,000 when there should be no credit?

VolvoGirl — Thu, 11 Mar 2021 21:40:20 GMT

And did you not get any of the separate stimulus payments in 2020? Was your income higher in 2018 or 2019? It doesn't look like you get any for the second round. That one phased out at 174,000 like you saw. But you still get a little from the first round.