I received the first Stimulous ($1200) last April based on my filed tax return 2018 AGI and Filing Status. I then filed my 2019 taxes and my AGI was too high to receive the second Stimulous Check ($600) so I never received it, which is what I expected. Now I'm doing my 2020 taxes and TurboTax is telling me I qualify for the $600 since my AGI went down below the limit for 2020, so it is filing for the Recovery Rebate Credit even though I don't think I'm eligible. It won't let me decline the Rebate. I don't want to file an incorrect return as it will just cause problems and delays. Any ideas?
You can get it. The Stimulus checks are really based on your 2020 tax return. Any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.
You can get it. The Stimulus checks are really based on your 2020 tax return. Any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.
I want my stimulus to be based on 2020 return, not 2019 (because the higher income would disqualify me).
On 3/11/21, using TurboTax, my 2020 returns were e-filed and "accepted". Will that be enough time for IRS to process before the stimulus direct deposits are issued?
Even the IRS doesn’t know. See top of
https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
They say……
Check back soon for information on the 2021 Economic Impact Payment. We’re reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021.