HELP! My EIC is $48 is based on "adjusted gross income of $2,655 was above the $9,800 phase-out threshold." $2,655 is NOT above $9,800. Seems low.

The Earned Income Tax Credit is calculated on a bell-like curve where it gradually reaches a peak credit near the center of the minimum and maximum income range for the credit. 

$205 is the credit amount for $2,655 of AGI for a single-filer with no dependents.  
It sounds like there is an error in the way that TurboTax is telling you why the credit is limited but that the credit itself is correct. 

You can also confirm the credit amount for various levels of income and filing status via the IRS "EITC Assistant", located HERE.

 

The message should say "below" rather than "above".

The credit is based on your "earned" income, which may be different than your Adjusted Gross Income.  I suspect that is why the program is calculating $48 rather than $205.  Do you any income on the tax return besides your "earned" (W-2s, self employment profit) income?