COVID credit

Anthem Hiker — Sat, 27 Feb 2021 20:16:05 GMT

Married filing jointly; 2019 adjusted gross income = $232k, thus no stimulus payments. 2020 AGI = $89k. 2020 TurboTax keeps trying to give us $3,600 (#1 = $2,400 and #2 = $1,200) as a stimulus credit. Is this OK? I thought the stimulus credit was based on 2019 not 2020.

Re: COVID credit

DanaB27 — Sat, 27 Feb 2021 20:32:47 GMT

Yes, because the Recovery Rebate Credit is based on your 2020 tax situation. If your AGI was lower in 2020 then you qualify for the Credit.

To be eligible you need to be a U.S. citizen or U.S. resident alien in 2020 and have a Social Security number that is valid for employment.

You cannot be claimed as a dependent by someone else to be eligible.

Your credit amount will be reduced if your adjusted gross income (AGI) is more than:

$150,000 if married and filing a joint return or filing as a qualifying widow or widower
$112,500 if filing as head of household or
$75,000 for eligible individuals filing as a single or as married filing separately.

Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )

To claim the credit in TurboTax, please follow these steps:

Log into TurboTax.
After entering all your information click "Federal Review" at the top of your screen.
On the screen "Let's make sure you got the right stimulus amount" click "Continue".
You will be asked about the amounts of first round and second round stimulus payments you received. If you did not receive a payment enter "0".
TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get.
Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.

For additional information please see Stimulus FAQ at the end of the TurboTax article.

Re: COVID credit

Anthem Hiker — Tue, 02 Mar 2021 13:39:38 GMT

Thanks for your insight. I will file my return now

topic COVID credit in Deductions & credits

COVID credit

Re: COVID credit

Re: COVID credit