I will not get as much had I gotten the original stimulus check. Feeling cheated here. Someone answer this. I have read that the RRC is calculated by your 2020 taxes and TT program does that. I have found nothing online about how people will be shortchanged. I can't be the only one.
No. Since the second stimulus check is based on the 2020 return using the Recovery Rebate Credit (RRC) worksheet, and the fact that you have not yet received the second stimulus check, the results will be final.
Keep in mind that if you are eligible for the earned income tax credit (EITC) and/or the child tax credit (CTC) you will have the choice of which year's earned income you want to use.
In TurboTax screens the question "Do you want to use last year's earned income?" will display for both earned income tax credit (EITC) and Child Tax Credit (CTC) sections. On those screens you can choose to enter your 2019 income for the calculation if that is what you prefer to use.
Check it both ways to determine which is best. Depending on the difference in earned income, it can be the same or drastically different results.
No. Since the second stimulus check is based on the 2020 return using the Recovery Rebate Credit (RRC) worksheet, and the fact that you have not yet received the second stimulus check, the results will be final.
Keep in mind that if you are eligible for the earned income tax credit (EITC) and/or the child tax credit (CTC) you will have the choice of which year's earned income you want to use.
In TurboTax screens the question "Do you want to use last year's earned income?" will display for both earned income tax credit (EITC) and Child Tax Credit (CTC) sections. On those screens you can choose to enter your 2019 income for the calculation if that is what you prefer to use.
Check it both ways to determine which is best. Depending on the difference in earned income, it can be the same or drastically different results.