topic Recovery Rebate Credit in Get your taxes done using TurboTax

Recovery Rebate Credit

VjBrown6925 — Wed, 26 Jan 2022 20:10:18 GMT

My husband and I are Married filing jointly, with one child. I had not filed my previous years taxes, therefore, we only received 1,400.00 of the 4,200.00. Under Federal Review section it said we qualified for 4200.00. I entered the 1400.00 in the 3rd round payment box and it REDUCED my refund by 2800.00. Shouldn't it have INCREASED by 2800?

Re: Recovery Rebate Credit

MayaD — Wed, 26 Jan 2022 20:21:22 GMT

The payment received didn't reduce your refund. TurboTax assumes that you haven't received stimulus payment, so it begins giving you the maximum amount.

When you enter the actual amount received, it adjusts your refund to account for that.

The credit will end up on form 1040 line 30. To review form 1040 please check How do I preview my TurboTax Online return before filing?

Re: Recovery Rebate Credit

VjBrown6925 — Wed, 26 Jan 2022 20:32:08 GMT

Is the Recovery rebate the same as the stimulus payment?

Re: Recovery Rebate Credit

RobertB4444 — Wed, 26 Jan 2022 20:34:12 GMT

Yes.

Re: Recovery Rebate Credit

VjBrown6925 — Wed, 26 Jan 2022 20:48:04 GMT

Ok, I see how that works. But, I only received a refund last year of 1800, when my return said it should have been 3500.00. No explanation for the difference. Why would this happen?

Re: Recovery Rebate Credit

RobertB4444 — Wed, 26 Jan 2022 20:57:00 GMT

Unfortunately only the IRS can answer that question. And getting ahold of them right now is a bit of a nightmare. But here is the contact info-

If you feel that you must contact the IRS just be aware that they are heavily understaffed and backlogged. They’re not easy to get a hold of. Call first thing in the morning and prepare to be on hold for a long time. This is the link to use to get ahold of them.

Re: Recovery Rebate Credit

VjBrown6925 — Wed, 26 Jan 2022 20:58:44 GMT

Thanks for the help.