recovery rebate credit

[sherrylent]

In 1040 form, on line 30, we see a credit for $1200. This is a mistake, how do we correct in turbo tax and make it $0?

We did receive our stimulus checks. 

Thanks

[DawnC]

Have you already filed?   If you have not filed yet, you can still go in and update Line 30 to be 0 by entering the amount of your second payment that you received.   But, if you have already submitted your tax return and it has been accepted, you can't change it.   You may need to file an amendment later, after 03/25 (the 1040X will be ready then).

If you claimed the credit but received the stimulus payment after you filed, you may have to do an amendment.   If the IRS adjusts the payment, you won't have to do anything.   But if they don't and you receive the recovery rebate that you did not qualify for, it is only then that you will file the amendment.  

You will need to amend if either of the following is true - but you are not going to know until your tax return has been processed.  

• You forgot to report income or claim dependents, deductions, or credits.
• You accidentally claimed dependents, deductions, or credits (recovery rebate) you're not eligible for.   

[sherrylent]

Thank you for the super quick answer.  No, we have not filed.  We have been over Turbo Tax for an hour trying to figure out how to remove the $1200, but are still scratching our heads.   We can't find in Turbo Tax where to correct Line 30.  Do you know?  Thanks!!

[gloriah5200]

Stimulus payments were advances on the Recovery Rebate Credit.

If you received the full amount of both stimulus payments (Economic Impact Payments), you won’t get any additional credit on your return this year since you’ve already received the full amount of the credit as stimulus payments.

If you didn't receive the full amount for your first or second-round stimulus payments, we'll help you claim the Recovery Rebate Credit when you file your taxes this year.

We'll make sure you get the money you qualify for by double-checking the amount and quantity of stimulus payments you received.

Here’s how:

• Enter all of your federal return information as you would normally. During the Federal Review, we’ll check if you meet eligibility requirements for the stimulus payment. If you meet the requirements, you'll see a It looks like you qualified for the stimulus, did you get any payments? screen. We'll ask a few questions about any payments you've already received and then let you know if the Recovery Rebate Credit applies.
  • If you need to make any changes to your stimulus credit responses, search for stimulus and select the jump-to link at the top of the search results to return back to the section. Enter your updated info and Continue.

It’s important that you enter the correct amount of each stimulus payment you received. The first stimulus payments were made between April and September of last year, while the second round of payments were delivered during January and February. You can find the exact amount,

• On your IRS letter-Notice 1444 and/or 1444-B which were mailed to you with the headline, “Your Economic Impact Payment Has Arrived” and were signed by the president. Or,
• By visiting IRS.Gov and creating or accessing your account. Or,
• In your bank statements. You might be able to search your online statements for deposits made by the IRS or US Treasury.

Eligibility rules for the Recovery Rebate Credit

[sherrylent]

That got it done.  Thank you!