topic Stimulas payment in Get your taxes done using TurboTax

Stimulas payment

Sally16 — Wed, 31 Mar 2021 17:19:52 GMT

We received 2 stimulus payments, but not for the total amount because of our income. When I got to the last question on Stimulus check in TurboTax where I had to enter the amount, Turbo Tax said I should get it all and added a bunch onto my refund total. This does not seem correct. I don't want to get audited, not sure what to do.

Re: Stimulas payment

RayW7 — Wed, 31 Mar 2021 17:28:29 GMT

There are income limitations on the stimulus payments and this could have reduced your payment(s) .

Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person. Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated stimulus checks for less than $1,400 max.

-follow this link for a handy stimulus calculator-

Third Stimulus Check Calculator, Check if You're ... - TurboTax

Re: Stimulas payment

Sally16 — Wed, 31 Mar 2021 17:32:59 GMT

Yes, my payment was reduced for stimulus money, but the concern I have is that Turbo Tax added the difference onto my refund calculation saying I deserved more. I think this is wrong. I am afraid to submit my taxes because of this strange addition onto the refund. Not sure what to do?

Re: Stimulas payment

Sally16 — Wed, 31 Mar 2021 17:37:43 GMT

It is saying I get a $2500 Recovery Rebate Credit? What is that?

Re: Stimulas payment

MinhT1 — Wed, 31 Mar 2021 17:52:52 GMT

You may have received a reduced amount for the first two stimulus payments which were based on your 2018 or 2019 tax return.

Actually, the stimulus amount is based on the 2020 AGI and if you qualify for the full or increased amount for the first two stimulus payments, the difference is paid to you as the Recovery rebate credit. This recovery rebate credit is on line 30 of your form 1040.