Recovery rebate credit calculation

[mclark1987]

My daughter was born in 2020, so we are eligible for a recovery rebate credit of $1,100 ($500 for round 1, $600 for round 2 stimulus). I am filing jointly, with AGI of $153,320. I understand the credit is reduced by 5% of AGI over $150,000. In my case, this would be $3,320 x 5% = $166. TurboTax is reducing the credit by $332 (10% of AGI over $150k). Is this right? Is the 5% reduction applied per person? It seems there is no way to change the credit amount manually. Thank you.

[VolvoGirl]

It is also counting the Stimulus payments you already got.  If your 2020 AGI is more than last year's then the payments you got were too much and are being reduced too. It's based on your whole situation and total for 2020 minus what you already received.  Hope that makes sense.

[mclark1987]

That makes sense. Based on my 2020 AGI, my stimulus payments would have been reduced by $166 per payment (3,320 x 5%), or $332 total. That is what TurboTax is calculating. Thank you.