On Turbo Tax questions regarding the stimulus payments
The question shows fill in the amount you received on the 1st stimulus check , which was $ 527 based on agi of 88570 for 2019. The next item is how much did you receive for the 2nd stimulus check, I entered 0 because I didn't receive anything, but the next page jumped my tax refund up by $ 1273 based on my 2020 AGI of 31058 ( AGI lower because we did not have to receive the RMD for 2020.
Is the IRS adjusting the checks based on 2020 agi and making them retroactive if 2019 is different or does Turbo Tax have a flaw in it. Hoe should I proceed on filing the return ? Doesn't seem right that I would get a adustment for the 1st stimulus
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Yes, this is correct and you are fine with filing as is. The IRS merely used 2019 information for 2020 tax year to make an estimation as to what was "fair" by person. Given that we are a cash-basis type tax return, the money received in 2020, although based on 2019 information, is being updated to what you should have received (or needed in 2020) versus what you did receive and what they thought you needed due to extreme difference between 2019 and 2020. It is right and correct.
Thanks
You are quite welcome!
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