first stimulus payment not received
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RPK1
Returning Member

first stimulus payment not received

Hello,

 
I hope you can help me here.  I did not receive the first stimulus payment, even though my AGI for 2019 was only $163.7 thousand.  I filed jointly with my wife.  According to my  understanding, I am entitled to calculate a tax credit for 2020, calculated as follows:  the difference between AGI and $150K = 13,715;  x .05 = $685.75, subtracted from 2400 = $1714, which I should be able to claim as a rebate on line 30 of form 1040.  In doing my tax return, however, I am not prompted for this entry.  I believe the prompt should come up during the "federal review."  however, I am not getting the prompt and I don't know how I can override this or work it out so that I can take this credit.
 
Can you help me with this?.  Please respond either by email or phone, my cell is [phone number removed].
 
thanks

 

 
RPK1
3 Replies
DanaB27
Employee Tax Expert

first stimulus payment not received

If you didn’t get your full stimulus payment, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. 

 

Yes, 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:

  1. Log into TurboTax.
  2. After entering all your information click "Federal Review" at the top of your screen. 
  3. On the screen "Let's make sure you got the right stimulus amount" click "Continue".
  4. 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".
  5. TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get. 
  6. Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.
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RPK1
Returning Member

first stimulus payment not received

The problem here is:  What AGI do you use in calculating the eligibility.  I filed a return for 2019, and I believe the correct AGI to use is for that year.  Not 2020!  After all, when that stimulus was paid out to people, in mid 2020, no one knew what his AGI for 2020 would be!  Right?  so, the TT program needs to refer to 2019 and not use the figure for 2020.   In my case, there is a big difference, as 2020 for me had some unusual income.

 

Please acknowledge the issue here as being which year's AGI

 

Thanks.

 

RPK1

DoninGA
Level 15

first stimulus payment not received


@RPK1 wrote:

The problem here is:  What AGI do you use in calculating the eligibility.  I filed a return for 2019, and I believe the correct AGI to use is for that year.  Not 2020!  After all, when that stimulus was paid out to people, in mid 2020, no one knew what his AGI for 2020 would be!  Right?  so, the TT program needs to refer to 2019 and not use the figure for 2020.   In my case, there is a big difference, as 2020 for me had some unusual income.

 

Please acknowledge the issue here as being which year's AGI

 

Thanks.

 

RPK1


The Recovery Rebate Credit is based on your 2020 federal tax return, filing status and 2020 AGI.

IRS website for the Recovery Rebate Credit - https://www.irs.gov/newsroom/recovery-rebate-credit

 

Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.

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