2021 recovery credit

[davev1pa]

We received a stimulus payment #1 of $ 521.90. No $ for #2.  Our 2020 AGI was too high for 2020. We retired 1-1-2021 (married filing jointly). Our AGI is under 50k for 2021 and did not receive a 3rd stimulus payment or any letter 6475 (i believe because our 2020 AGI was too high). Are we entitled to the 3rd stimulus payment of 1400 +1400 for 2021 recovery credit ? If we are eligible do we subtract the first payment of 521.90? OR are we not eligible at all because our 2020 AGI was too high? I've read the IRS instructions (not exactly Greek but definitely not comprehending the jargonese) . Initially my turbotax led me down the path that we WERE eligible but I referred to the IRS instructions that the 3rd payment is based on 2020 AGI and therefore I did not allow it to be a credit for 2021 taxes. I e-filed my 2021taxes thinking we were not entitled.....but lol.....am I entitled....to the 3rd stimulus credit?

[VolvoGirl]

Yes if your 2021 is now lower you can get the 2,800 Recovery Rebate Credit!  It is really based on 2021.  They only used 2020 to send the checks out fast.

No do not subtract the #1 payment.  That was only for 2020.  

See IRS question 2 here,

2021 Recovery Rebate Credit — Topic C: Eligibility for claiming a Recovery Rebate Credit on a 2021 t...

[davev1pa]

Oh dang it !!! Lol I already filed … but maybe they’ll just figure it and give it to me? If not I’ll amend it!! Thank you!