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I’m having the same issue and it’s so frustrating!!
I did all of this put it’s still not working. All my information is correct.
@Kortaz2016 As Cotina replied to you....you lost the credit for the 17 year old dependent and you added a baby. So it is a wash. The Recovery rebate credit is based and reconciled on your actual 2020 return. You got the Stimulus payment for one dependent before but you only qualify for one now. So you really got too much before. You don't have to pay back the 1100 for the 17 child. It switched to the baby.
TurboTax has lots of problems
TurboTax i snot ready with all the covid -19 forms yet.
When those are released , try again.
Do not file an incorrect tax return.
try to avoid filing on paper because you will be delayed indefinitely.
I am having the same problem as you. Did you find a work around or are you waiting?
@kate88 What "same problem" do you have? So many different users have posted to this thread it is impossible to figure out what problem you are referring to.
I am having an issue with this too. I had a baby in June of 2020 and have twin 3 year olds as well. When I work through the stimulus section it says I received the correct amount but how is that possible when I didn’t receive stimulus for my third child?
Children born in 2020 were not included in the 1st stimulus because those checks were based on 2018 or 2019. No one got stimulus money for babies born in 2020 because the IRS did not know about those babies or have their SSN’s. But on your 2020 tax return you can claim your child born in 2020 for the stimulus money, as well as the other child-related credits. You enter your new dependent in My Info. When you go through the screens in My Info make sure to say your child lived with you the WHOLE year. When it asks the oddly worded question about whether your child paid for over half their own support say NO.
The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021
The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”) If you are eligible it will end up on line 30 of your 2020 Form 1040.
Make sure that you enter ALL of the stimulus money received for the 1st and 2nd stimulus for yourself, your spouse and your children.
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
@Aqharris wrote:
I am having an issue with this too. I had a baby in June of 2020 and have twin 3 year olds as well. When I work through the stimulus section it says I received the correct amount but how is that possible when I didn’t receive stimulus for my third child?
For a child born in 2020 you have to indicate that the child lived with you for the Whole Year. Go back to the My Info section and carefully review each answer for the child. Also, on the section for having Social Security number make sure that you did NOT check the box for not valid for employment.
After completing the My Info section then click on Federal. Go to Other Tax Situations, scroll do the bottom of the page and click on Wrap Up. The next screen will be on Federal Review where you enter the stimulus payment questions.
I understand what you are saying. I am a CPA myself and understand how it should work but just explaining that it isn’t working correctly. In the federal review section it tells me I received the correct amount of stimulus. But the third child was not included in the amounts received since it was based on 2019 so I should be getting her portion of stimulus now when I file my tax return.
@Aqharris wrote:
I understand what you are saying. I am a CPA myself and understand how it should work but just explaining that it isn’t working correctly. In the federal review section it tells me I received the correct amount of stimulus. But the third child was not included in the amounts received since it was based on 2019 so I should be getting her portion of stimulus now when I file my tax return.
The Recovery Rebate Credit is based only on your 2020 federal tax return, your filing status and your 2020 AGI.
The Credit phases out once your 2020 AGI is greater than -
• $150,000 if married filing jointly or qualifying widow(er)
• $112,500 if head of household
• $75,000 if single or married filing separately
If you are eligible to receive the Credit then the child born in 2020 will be eligible for the 2020 credit of $500 for EIP1 and $600 for EIP2.
Delete the child as a dependent and re-enter.
IRS Recovery Rebate Credit website - https://www.irs.gov/newsroom/recovery-rebate-credit
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
It is really based on your 2020 income. If you do not qualify for the Recovery Rebate Credit because of your 2020 tax situation then you will not be able to get the missed stimulus payment.
Per the IRS, your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are using any other filing status.
Did you check 1040 line 30 to see if you qualify for any more? You might have received too much based on your 2019 income so don't qualify now based on 2020. Are all 3 children showing as dependents on 2020?
That appears to be very helpful, although Turbox tax tells me to save and come back later; apparently to be covered in software update. Thanks
Form 1040 line 30 just showed the $1100 credit....you ROCK
Well this doesn’t show on mine taxes. No expert can help! My child was born in February 2020, and I didn’t receive it on my taxes.
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