Turbo tax Not calculating stimulus correctly

[NCperson]

if you believe the Bank received your 2nd stimulus and you did not get the credit, suggest taking that up with the Bank

[kimberlyc3636]

I'm sorry but I don't understand what you're trying to say. They received all stimulus payments and this was noted on the tax return but the refund was calculated as if it was never received. This was in my son's case. 

[NCperson]

@kimberlyc3636 - let's test the theory that "the refund was calculated as if the stimulus was never received."

please answer the following:

1) how much was ACTUALLY received for each of the first TWO stimulus payments.  And please confirm those amounts were entered into TT.

2) what is shown on Line 30 of Form 1040?

3) what is shown on Line 35a of Form 1040? 

4) how much was the actual refund that was received?

from that information I think the two of us can get to 'common ground' of what each is trying to say to each other and where the problem lies. 

[Mnmpepper]

@Anonymous 

This happened to us. We received the second stimulus after we filed and the irs amended our return. However we have yet to receive third stimulus (our bank has received the deposits) and I’m wondering if this has something to do with it. 

[NCperson]

the IRS is still sending out the 3rd stimulus......they are not done yet. 

if the Bank received the money (how do you know that?), they are required to credit your account within 2 days.  

suggest contacting the Bank 

[Mnmpepper]

@NCperson Yes I’m aware they are still processing, but it just seems weird my family and friends have received theirs (we all bank at the same credit union is how I know). The IRS has said we qualify via the tracker) but has not processed any payments and I will get a notification in the mail.

I am of course assuming based on the coincidence that I have not had any issues prior and now that my return was amended based on the credit I had received in the TT software, that I have been flagged for whatever reason. 
But maybe when I got my notification via the mail, I will understand more.

Thanks for your input! 

[josekalifornia]

Same problem here. I had a baby on 2020 and TT keeps saying that its correct for 1st and 2nd stimulus checks.

Anybody has this problem solved??

[JeffreyR77]

@josekalifornia your eligibility phases out with 2020 adjusted gross income beginning at $150,000 and being phased out completely at $160,000.

Eligibility for Recovery Rebate Credit (see Q B1)

[NCperson]

@josekalifornia - 

1) how much was your first stimulus payment

2) how much was your second stimulus payment

3) was your income above or below $150,000 (I assume you filed joint )

4) how many children under the age of 16 do you have as of 12.31.20?

5) what is on Line 30 of Form 1040? 

from that I can figure out what occurred and whether you are owed more or not

[josekalifornia]

2,900 for 2 and 1 child.

1,800 for 2 and 1 child.

Below 150,000 (yes, jointly)

2 children

Line 30 is blank.

[josekalifornia]

It's below $150,000

[NCperson]

@josekalifornia - okay, so that tells me there is something incorrect with the way you entered the new born

most common issue - there is a question about how many months the child lived with you. You are to answer "the whole year" - even if the child was born on Dec 31!!!!! 

also, there is an oddly worded question about support; you are to answer NO, the child did not provide more than 50% of his own support,

if that doesn't fix it, delete the child and reenter and SLOWLY answer the questions and entering the date of birth and social security number correctly.

you should have $1100 on Line 30.

post back and let's see where we are. 

[josekalifornia]

That worked!!! I put whole year and that's it!!

Thank you so much!!!

Do you know how to do it for the 3rd stimulus check?

[NCperson]

so one of two things is going to occur for the 3rd stimulus for the new born

1) the IRS will process your 2020 return and notice the newborn and issue the $1400 shortly thereafter

2) you don't receive the $1400 this year and will see the $1400 on Line 30 on the 2021 tax return.

either way, you are entitled to the money, it's just an unknown how you will receive it....every parent with a newborn in 2020 that is filing now is in the same boat, so it's a pretty big boat!  

the 3rd stimulus is NOT part of the 2020 tax return, so you won't see it anywhere on this year's return.

[josekalifornia]

Ok.

Thank you so much for the help!!!

take care!