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salmich63
New Member

My total income for the year was 29,000, my return was $1400 but was reduced by the IRS for the amount that I received in stimulus funds ($1,400), is that right?

 
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2 Replies

My total income for the year was 29,000, my return was $1400 but was reduced by the IRS for the amount that I received in stimulus funds ($1,400), is that right?

Yes.  You had 1400 on line 30.  But you said already got the 3rd Stimulus payment.  You tried to get it again.  Line 30 is only if you didn't get the full amount or qualify for more. 

 

A lot of people answered the question wrong or entered the wrong amount.  

My total income for the year was 29,000, my return was $1400 but was reduced by the IRS for the amount that I received in stimulus funds ($1,400), is that right?

you are eligible for the Recovery Rebate Credit or the 3rd stimulus - NOT both

 

here is how it is calculated: 

1) Number of people listed on your tax return 

2) TIMES $1400

3) MINUS what you received for the 3rd stimulus last year (look at your bank account statements between March and May, 2021)

4) EQUALS Line 30, but not less than 0.

 

Most made the mistake on #3 - not entering what they actually received when prompted by TT.  Since the IRS knows what you received (since they sent it to you!), if this number does not match their records, they will reduce Line 30 by the difference, which has the effect of reducing your refund by the same amount.

 

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