topic Re: First Stimulus in Deductions & credits

First Stimulus

Mimorbust — Sat, 20 Feb 2021 22:29:24 GMT

Our kid was born in the fall 2019. When we received our first stimulus check, we had not yet filed our 2019 taxes. So the first check appears to be short $500. The second check was correct. When I got to the part in the turbo tax program that asked about our checks, it used our 2020 income and determined that we received the correct amount for my husband and myself. The first check would have been based on 2019 income, which was lower. Is there any way to prompt the turbo tax program to account for the missing $500 for my kid?

Re: First Stimulus

K_tax123 — Sun, 21 Feb 2021 00:49:06 GMT

I think I'm having the sameish issue, though our adjusted gross income in 2020 was still well below 150k (same as 2019). Short story.... married filing jointly, 3 dependents 5 years and under, most recent born in 2019 and claimed on 2019 returns that were filed in Feb, 2020. The math on what the IRS sent us is that were short a dependent on the first and second stimulus and yet turbotax insists that $3,400 and $2,400 are correct. A bug I turbotax? A bug in me?

Re: First Stimulus

KathrynG3 — Sun, 21 Feb 2021 14:34:24 GMT

Yes, TurboTax will calculate the missing amount when details are entered for the Recovery Rebate Credit.

To report what you have received for stimulus payments in TurboTax, follow these steps:

Go to the search box and enter stimulus. Click the Jump to link.
Answer Yes.
At the next screen, Let's double-check the amount you received, answer No to edit the first-round and second-round amounts.
An amount should be entered in each box for the amount actually received which will prompt the system that you did not receive the full amount. When finished, click Continue.

For more details, including eligibility, see: How do I claim the Recovery Rebate Credit?

@Mimorbust

@K_tax123

Re: First Stimulus

K_tax123 — Sun, 21 Feb 2021 22:50:40 GMT

Thanks for your response. I found that info before but thought the amounts turbotax was estimating for me were incorrect. Let me ask my questions a bit differently. I'm married, filing jointly, have an adjusted gross income of $95,000, have 3 dependents (5,3, and 1; each claimed on 2019 taxes).

How much stimulus should I have received on the 1st and 2nd round?

Or, are there unique tax situations that one might have where you can't answer that question with the info I provided?

Thanks!

Re: First Stimulus

JamesG1 — Sun, 21 Feb 2021 23:25:26 GMT

First $2,400 + $1,500 = $3,900

Second $1,200 + $1,800 = $3,000

Make sure that dependents are reported as qualifying children on your tax return. IRS FAQ states:

A qualifying child is a child who meets the following conditions:

Relationship to the individual who’s eligible for the payment: The child is your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, grandchild, niece, or nephew).
Child's age: The child was under age 17 on December 31, 2019.
Dependent of the individual who's eligible for the payment: The child was claimed as your dependent on your 2019 tax return or in the Non-Filers: Enter Payment Info Here tool.
Child's citizenship: The child’s a U.S. citizen, U.S. national, or U.S. resident alien.
Child's residency: The child lived with you for more than half of 2019.
Support for child: The child didn’t provide over half of their own support for 2019.
Child's tax return: The child doesn’t file a joint return for the year (or files it only to claim a refund of withheld income tax or estimated tax paid).

Do the children have Social Security numbers or Individual Identification Numbers (ITIN)?

Do both taxpayers have Social Security numbers or Individual Identification Numbers (ITIN)?

If you have not received your second stimulus check, you will receive your payment in the form of a Recovery Rebate Credit on line 30 of your 2020 Federal tax return when you file.

TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax. The computations within TurboTax are based upon the information that you have entered into the tax software. If you are due an additional amount, it will be issued as a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.

In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.

You can access your stimulus check choices by following these steps:

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Other Tax Situations.
At the screen Let’s keep going to wrap up. Click on Let’s keep going.
At the screen Let’s make sure you got the right stimulus amount, click Continue.
At the screen Did you get a stimulus payment? you can update your stimulus check entries.