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Stimulus entry increase refund

My wife and I received the first and second stimulus payments, $600 for each of us both times, the second on 1.1.2021.  After entering what we hope was correct information on the "Recovery Rebate Credit Worksheet" our refund increased by $1,200.  This does not seem right.  I would think it would be $0 but do not know how to correct it.  We checked Box 1=no, Box 2=yes, Line 5=@2400, Line 8=$1200, Line 13=no, Line 16 EIP1=$1200, and Line 19 EIP 2=$1200.  This gives me a $1,200 additional refund which does not seem possible or right.  I did do an 'update' of Fed and State forms and still the same.  We are both seniors but I am still working.  Please help since I would like to hope the bonus is real, but too good to be real!

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1 Best answer

Accepted Solutions
MaryK4
Expert Alumni

Stimulus entry increase refund

Check your entry for Line 16- this was the first payment (April/May 2020).  Eligible individuals who file a joint tax return will receive up to $2,400 - so if you did only receive $1,200 you would have another $1,200 due.

 

In general we do not recommend entering information directly on the worksheets.

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4 Replies
MaryK4
Expert Alumni

Stimulus entry increase refund

Check your entry for Line 16- this was the first payment (April/May 2020).  Eligible individuals who file a joint tax return will receive up to $2,400 - so if you did only receive $1,200 you would have another $1,200 due.

 

In general we do not recommend entering information directly on the worksheets.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Stimulus entry increase refund

That was it!  Thank you very much.

Howard14
New Member

Stimulus entry increase refund

In the inquiry above re: the RRC worksheet, I also answered #1=NO, #2=Yes, #5=2400 but in #16 I did NOT enter $2400. My EIP1 was correctly reduced last spring because my 2019 AGI exceeded the max amount for a full payment. Therefore, I entered 1100, the amount to which I was entitled and actually received.  Likewise, I received no EIP2 because my 2019 AGI exceeded the max amount for entitlement.  The result is that the worksheet yields a large credit (based on 2020 AGI) that is the sum of 900 (2400 max for EIP1 less the 1100 actually received) PLUS the full amount of EIP2 (for which I was entitled to ZERO).  

 

Seems to me that the correct way to complete the worksheet is for #5 and #8 to respectively show the amount of EIP1 and EIP2 actually received rather than the max amount. Yes?

KrisD15
Employee Tax Expert

Stimulus entry increase refund

The stimulus payments were  ADVANCE payments to be based on the 2020 return. 

Since the 2020 returns were not filed at that time, the payments made were based on your 2019 return. 

 

Now we ARE filing 2020 returns, and the payments are being computed on the 2020 income. If the amount you received in 2020, based on the 2019 return, now shows a higher payment, the difference is returned to you via the Recovery Rebate Credit.

 

If a Taxpayer received too little, they get the difference refunded. 

If a Taxpayer received too much, they do not need to pay back the difference and they do not get the credit. 

 

 

 

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