I did not receive first and second stimulus payments for my dependents. According to taxes filed in 2019 I had 4 dependents. I received 2400 for first stimulus and 1200 for second stimulus. both for me and my spouse. I thought I would be able to recover the dependent amounts but according to turbotax (which has my 2019 tax returns already), my payments were correct. can someone please explain this to me.
You have not mentioned who the dependents are or how old they are. Parents could receive stimulus #1 and #2 for dependent children who were under the age of 17 at the end of 2020. If your dependents were older than 16 at the end of 2020 you could not get those stimulus amounts for them. The criteria changes for the 3rd stimulus check and the age is not a factor.
The Recovery Rebate Credit is based on your 2020 tax return and 2020 AGI.
If your 2020 AGI is greater than $150,000 the credit phases out.
Any dependents age 17 or older in 2020 are not eligible for the Recovery Rebate Credit.