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How do you know if you are eligible for the 2020 Recovery Rebate Credit since we received a partial ERP1 and none after that?

 
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How do you know if you are eligible for the 2020 Recovery Rebate Credit since we received a partial ERP1 and none after that?

Are you married filing Joint?  The Recovery Rebate Credit is now based on your 2020 AGI.  If you got a partial EIP1 payment you must have a high income. And you don't qualify for any more. Did Turbo Tax show you the screen to enter the amount you got? Is your 2020 income higher or lower than 2019?

 

Per the IRS, your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are using any other filing status.

 

If you did not get prompted to enter your stimulus information, that means you either:

Filed as a dependent being claimed on another tax return, or
Have an AGI too high to claim the recovery rebate

 

To get to the stimulus questions in TurboTax at any time, you can search for stimulus and use the Jump to link. Generally, if you have adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the recovery rebate. For filers with income above those amounts, the payment amount is reduced.

 

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

 

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

 

How do you know if you are eligible for the 2020 Recovery Rebate Credit since we received a partial ERP1 and none after that?

We did file Married joint.  My income was high in 2019 but much higher in 2020 due to sale of RSUs and common stock for a company that granted me RSUs years ago.  Since we did not get the full amount we don't get any tax relief for 2020 tax filing?

How do you know if you are eligible for the 2020 Recovery Rebate Credit since we received a partial ERP1 and none after that?

Sorry, If you do not qualify for the Recovery Rebate Credit because of your 2020 tax situation then you will not be able to get the missed stimulus payment.

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