Turbotax shows a different Covid stimulus refund amount than expected

[rooge]

I never got my 1st stimulus check. I filled in the segment in Turbotax for how much was received, and I entered 0 for the first stimulus check. I should have received the full amount ($1200).

Turbotax calculated the credit I am to receive based on my 2020 tax form that I'm currently working on, and because I made more money in 2020 than in 2019, the credit is lower than what I should have gotten based on my 2019 return.

Wasn't the 1st stimulus check based on the 2019 return? I'm told the IRS double-checks this number. If the number is incorrect, will there be delays?

[JotikaT2 · Accepted solution]

Yes, while the first stimulus payment was based upon your latest tax return filed at that point, either 2018 or 2019, your payment was based upon that tax return as an estimated threshold for the amount you should receive.

However, the Recovery Rebate Credit is calculated based upon your 2020 income tax return.  Therefore, if your income is higher, you may not be eligible for the same amount if your Adjusted Gross Income is higher and therefore, limiting your credit.

Please see the attached link for more information on the credit.

Eligibility for Recovery Rebate Credit