topic stimulus credit in Other financial discussions

stimulus credit

Happyjoe74 — Wed, 03 Feb 2021 14:42:46 GMT

We are retired. When completing the stimulus payment page we answered yes that we had received both stimulus payments of $1,200.00 each and entered $1,200.00 in each of the boxes. Note: the second payment was received the first week of Jan/21.

The following page advises that we qualify for the stimulus credit when we didn't receive the full stimulus payment we qualified for. (?) The credit was based on our AGI and your total stimulus payment of $2,400.00.

Need some clarification. Again, we entered the amounts received and then were advised that we qualify for $ not received on the following page.

Thank you

Re: stimulus credit

CatinaT1 — Wed, 03 Feb 2021 14:55:38 GMT

Even though the second stimulus payment was received in 2021, both payments are reconciled on your 2020 return. If you received the correct amount for both stimulus payments, you will not qualify for any additional payments.

Revisit the Rebate Recovery Credit area and include both payments.

Sign into your account and continue from where you left off
Click on Federal in the left-hand column, then on Federal Review on the top of the screen
On the next page titled Let's make sure you got the right stimulus amount, click on Continue
Follow the interview
TurboTax will determine whether you are entitled to any additional stimulus
Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.

Re: stimulus credit

Happyjoe74 — Wed, 03 Feb 2021 19:08:28 GMT

Catina,

I have again followed the page instructions as you have advised and I'm still showing a $1200.00 credit that should not be receiving. I did make a few adjustments o the worksheet associated with the stimulus credit.

Any additional suggestions?

Thanks again

Joe Davis

Re: stimulus credit

CatinaT1 — Wed, 03 Feb 2021 19:17:36 GMT

If you are married and filing jointly, your first stimulus total should have been $2400 ($1200 per adult). The second stimulus payment would have been $1200 ($600 per adult). This is why a $1200 credit is calculating. You have entered that you received $2400 total, when it should be $3600 total.