TurboTax Deluxe desktop app only specifies what 1st and 2nd stimulus I should receive based on my 2019 taxes, which does not match what I received based on my 2018 taxes, which was allowed and happened because the 2019 filing deadline was extended and I received my stimulus before the extended filing deadline - TurboTax does not give me any options to specify this situation.
So there seems to be some limitations and errors in TurboTax when it comes to the handling of the various situations of the 1st stimulus payment, but please correct me and explain how to do it if I am mistaken.
Thanks!
The Recovery Rebate Credit on your tax return is based only on the information in your 2020 tax return. The total stimulus amount your are eligible for is established based on your 2020 tax return and then once you enter any stimulus payments your already received, that credit is reduced on your tax return.
So for a single filer your Recovery Rebate Credit eligibility amount would be $1200 and $600 for a total of $1800. If you received those amounts in rounds one and two respectively, then your credit would be reduce to zero; you received what you are eligible for. However, if you received something less, then your credit will reflect the missing amounts.
Here is a link with more information on the Recovery Rebate Credit.
The Recovery Rebate Credit on your tax return is based only on the information in your 2020 tax return. The total stimulus amount your are eligible for is established based on your 2020 tax return and then once you enter any stimulus payments your already received, that credit is reduced on your tax return.
So for a single filer your Recovery Rebate Credit eligibility amount would be $1200 and $600 for a total of $1800. If you received those amounts in rounds one and two respectively, then your credit would be reduce to zero; you received what you are eligible for. However, if you received something less, then your credit will reflect the missing amounts.
Here is a link with more information on the Recovery Rebate Credit.