topic Recovery Rebate Credit Worksheet Line 16 in Deductions & credits

Recovery Rebate Credit Worksheet Line 16

No3Jacks — Wed, 17 Mar 2021 20:54:21 GMT

I've been using TT for 7 or 8 years without a problem until this year and it has to do with Line# 16 on the Recovery Rebate Credit Worksheet. Married filing jointly. We received the full amount of both stimulus payments ($2400 & $1200). Line# 16 asks for the amount receive in EPI 1 which should be $2400 yet TT entered the amount for EPI 2 $1200. As a result the worksheet calculated a $958 credit and added on the 1040-SR Line #30. We were not due the credit since we received the full amount for both payments. My question is where did the $1200 that was entered on Line# 16 come from? All questions regarding the stimulus payments were answered correctly yet the program seems to have pick up the wrong stimulus payment amount to enter on Line# 16, $1200 vs the correct amount which should have been $2400. Is it something I did or is/was the program picking up the wrong stimulus payment?

Re: Recovery Rebate Credit Worksheet Line 16

ReneeM7122 — Wed, 17 Mar 2021 22:20:33 GMT

To find out why the software used $1200 on line 16, you can check to see how to see the how TurboTax calculated the Recovery Rebate credit.

TO VIEW THE RECOVERY REBATE CREDIT:

Click Tax Home

Click Review if necessary to get Tax Tools on the left side-bar

Click Tax Tools on the left side-bar (you may need to use the scroll bar for the left side-bar to see this)

Click Tools on the drop-down list

Click View Tax Summary on the Tools Center screen

When you do this, Preview my 1040 appears on the left side-bar

Click Preview my 1040 on the left side-bar

Scroll down and look at line 30 on the 1040 for your “Recovery rebate credit”

Re: Recovery Rebate Credit Worksheet Line 16

No3Jacks — Thu, 18 Mar 2021 16:49:55 GMT

Renee, thanks. I'll try to be brief. I had previously gone through the same steps with a TT expert , without resolution. I repeated the steps you suggested and low and behold, my 1040SR had been changed. Line 30 on the 1040SR is now blank (previously $958), and now there is no Rebate Recovery Worksheet in my summary documents. My total tax due went from $108 to $1066 an increase of $958, which is the sum the IRS is trying to recover. My feeling is that I filed so early, 01/20/21 that a subsequent change was made to the worksheet to correctly populate line# 16 ($1200 vs the correct amount which should have been $2400). I don't know whether the change was made as a result of my conversation with the agent or whether it was changed after I filed. I guess it doesn't matter as I was never entitled to the credit in the first place. Thanks again.