Did not received full amount of 3rd stimulus. Recovery Rebate credit 2021-

[Drmfsn]

I do married filling jointly. I received a letter 6475 stating  total 2021 EIP = 2100$.
(my understanding is : we should get 2800 together - 1400$ each as per eligibility requirement for 3rd stimulus)
while filing with turbotax- it auto-populated as a diff of 700$ on line 30.
i filed the tax- received a notice CP-12
it does not give clear explanation on recovery rebate credit and only showed exact same calculation as filed.
Any advise please.
thanks!

[NCperson · Accepted solution]

@Drmfsn -  did the IRS remove the $700 and reduce your refund by that amount?  it sounds like that is what you are stating.

1) go back to your bank account statements from last March - May, 2021 and see how much the IRS direct deposited.  Please do not do this from memory.

2) that Letter 6475 - normally there are TWO letters, since you filed joint, with one letter addressed to each spouse.  Each letter would have had $2100 on it, so that I wonder when you look in your bank statements, there was $4200 deposited.

3) did you have a dependent in 2020 that is not on your tax return in 2021? 

4) you are correct that you are entited to $1400 per person but from that you must subtract what was already received and I suspect that is $4200.  

5) if you received $4200 and were entitled to $2800, then is no requirement to return the $1400 - in otherwords, Line 30 can not be less than zero.

is that what happened? 

[Drmfsn]

Thank you @NCperson  for your response and detailed explanation
i will look into my statements and verify info. 
and yes there was a dependent in 2020 but none in 2021.