Recovery Rebate tax credit

[rail]

My spouse and I filed Married filing jointly in 2018, 2019, and will do so in 2020.  We received the first stimulus check in the amount of $1003.  We did not receive a second stimulus check. If I understand correctly, the IRS is using the AGI from 2020 to compute the Recovery  Rebate.  Our AGI was $160,157 in 2020 with 0 dependents. Turbo Tax says our Recovery Rebate is $1581. Can anyone explain how they arrived at that figure? We did not receive any IRS Notice 1444 or 1444-B forms from the IRS.   Do I have to prepare any special forms to request the Recovery Rebate? 

[Anonymous]

You didn't mention how much you made in 2019 or 2018, one of which is what the $1003 was based on.  Since you didn't receive the second payment my hunch is it was based on 2018 and that you likely filed 2019 a little later in the year.

Your 2020 credit for the second payment based on the above should be $895, so it sounds as if you didn't yet input the $1003 that you have already received.  You get a chance to do this in the Federal Review section of the program. 

[ErnieS0]

You do not have to prepare any special forms to request the Rebate Recovery Credit. The IRS put out a worksheet which TurboTax uses to compute the credit.

For married couples the credit phases out at $150,000, with your payment reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.

Your credit is calculated as follows:

[rail]

To Ernie SP Employee Tax Expert:  Are you a representative of Turbo Tax?  I don't understand the worksheet you prepared. Where did the $2900 on line 7 come from?  It says add lines 5 and 6. Lines 5 and 6 from where?  Also, I thought the stimulus checks that I am asking for full payment on (#1 and #2) used the 2020 Tax Year AGI which for us is $160,157.  You used $171, 157 on Line 11 and I don't have a clue where you got that figure. Our AGI for 2018 was $177,941 and from 2019 was 154,643.  Was the worksheet you provided an example or was it supposed to reflect our figures?  I don't get it.  Please explain so I can be sure I am not asking for more $$ than we are entitled to.  Thank you. 

[ErnieS0]

I apologize. I 'm not sure where the $171,157 came from.