topic Re: 3rd Stimulus Check in Get your taxes done using TurboTax

3rd Stimulus Check

smpotter — Tue, 11 Jan 2022 23:52:46 GMT

I'm using Turbo Tax 2021 Deluxe. We didn't get the 3rd government stimulus check. My guess was that was because in 2020 we made more than what the income threshold allowed for the 3rd check. Now I'm doing our 2021 taxes and when I state that we did not receive the 3rd check it's telling me I now qualify for $4,900 more in my refund, due to not having previously received the checks that came out in the spring of 2021. Our income in 2021 was lower than 2020. I'm terrified to proceed. $4,900 is a huge additional amount and don't want to do anything wrong, but we didn't receive that 3rd stimulus check, so I'm answering it honestly/correctly. Does this sound correct to anyone?

Re: 3rd Stimulus Check

xmasbaby0 — Tue, 11 Jan 2022 23:59:06 GMT

The 3rd EIP payments that people received last year were an advance on a credit that you can receive on your 2021 tax return. The IRS used 2020 returns to send out those checks in a hurry, but apparently based on your 2020 AGI you did not get a check last year. If your 2021 income is lower, then you are able to get the recovery rebate credit based on your 2021 income. The credit will show up on line 30 of your 2021 Form 1040.

Re: 3rd Stimulus Check

smpotter — Wed, 12 Jan 2022 00:56:01 GMT

Thanks so much!!