Recovery Rebate Credit - Where to enter in TT 2020

[arthur k williams]

my wife and I did not received the EIP2 payment. 
Where do we list this one our 2020 taxes so we can reduce the amount of $$ we owe the IRS? Please the line item number and what page of the form its on.

[VolvoGirl]

You need to enter what you already got and if you missed one or qualify for more it will be on 1040 line 30.  

There will be a screen with 2 boxes for each round. If you didn't get one enter a 0 in the box.

When you go through the federal review tab it will ask how much you got if any. Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus."

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

The Recovery rebate credit is on 1040 line 30. It either adds to your refund or reduces a tax due.

[Bette63]

I didn't receive any stimulus money. I receive SSDI and I qualify for the third payment even if I'm claimed on someone elses taxes. I should be eligible for the third payment but I;m a non-filer. What do I do? I tried to file with my SSA-1099 and nothing happens. The IRS has my direct deposit informantion from Social Security.

DO I GET THE 1400.00?

[DoninGA]

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@Bette63 wrote:

I didn't receive any stimulus money. I receive SSDI and I qualify for the third payment even if I'm claimed on someone elses taxes. I should be eligible for the third payment but I;m a non-filer. What do I do? I tried to file with my SSA-1099 and nothing happens. The IRS has my direct deposit informantion from Social Security.

DO I GET THE 1400.00?

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Whomever is claiming you as a dependent will receive the third stimulus payment of $1,400 for you.

[NCperson]

dependents NEVER receive stimulus money

The taxpayer who claims them receives the stimulus money for eligible dependents 

[wallpipe]

I received my rebate checks based on my 2019 income tax return.  I'm now trying to file 2020 and am over the income limit.  I still need to report the amount that I received but am not able to access line 30 and enter the amount.  How do I get to that page?

[Critter-3]

If you got all the stimulus money in advance for the first 2 payments then  you will enter that in the program and  line 30 will be a zero.

If you still qualify for the third stimulus based off the 2019 return but not the 2020 return then WAIT to file the 2020 return until you get the third stimulus payment ... returns are not due until 5/17 (10/15 if you go on extension).  

In TurboTax Online, to claim the Recovery Rebate credit please do the following:

1. Sign into your account and continue from where you left off
2. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
3. On the next page titled Let's make sure you got the right stimulus amount, click on Continue
4. Follow the interview
5. TurboTax will determine whether you are entitled to any additional stimulus
6. Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.

[DoninGA]

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@wallpipe wrote:

I received my rebate checks based on my 2019 income tax return.  I'm now trying to file 2020 and am over the income limit.  I still need to report the amount that I received but am not able to access line 30 and enter the amount.  How do I get to that page?

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If you are not eligible for the Recovery Rebate Credit based on the 2020 tax return then nothing should be entered on your Form 1040 Line 30.

[VolvoGirl]

You only enter the amounts you received to see if you qualify for more.  They don't show up on your return.  Line 30 is only if you get more.  Since your 2020 income is too high you won't qualify for more (Incase you didn't already get the full amount before).  So it won't even ask you to enter what you got.   And you don't have to pay any back.

[NCperson]

@wallpipe - just a further explanation on how this stimulus scheme worked, because it can be confusing. 

for the 1st two stimulus , they were what was called '2020 advances', so since the IRS couldn't know who was eligible since 2020 wasn't complete yet, Congress tasked the IRS to ESTIMATE what everyone was due using their 2019 tax return (income, dependents, etc) or 2018 if 2019 wasn't available. 

Then, the IRS is re-calculating what you are due on your 2020 tax return based on your actual 2020 income, number of dependents,etc.  that is what you are ACTUALLY due.

if the ACTUAL is greater than the ESTIMATE, the difference is placed on Line 30 and it is called a 'Recovery Credit".

if the ESTIMATE is greater than the ACTUAL (your situation), the difference does NOT have to be repaid and Line 30 is zero; Line 30 cannot be negative! 

so everyone gets the greater of what they were given in stimulus or what is calculated on the 2020 tax return as Recovery Credits , with no requirement to return anything to the IRS.

make sense? 

[newcenturyrealty]

I MARKED RECEIVED TO BOTH RECOVERY REBATES BECAUSE I CONFUSED IT WITH THE THIRD REBATE, AND NOW I CANT FIND HOW TO GO BACK AND MARK IT NOT RECEIEVED. PLEASE HELP.  HOW DO I GET THAT SCREEN BACK.

[Cynthiad66]

• • If you need to make any changes to your stimulus credit responses, search for stimulus and select the jump-to link at the top of the search results to return back to the section. Enter your updated info and Continue.

It’s important that you enter the correct amount of each stimulus payment you received. The first stimulus payments were made between April and September of last year, while the second round of payments were delivered during January and February. You can find the exact amount,

[keichenbrenner]

No, everyone does NOT see the question about the stimulus.  It did not come to me, and the worksheet is not in the forms list.

[VolvoGirl]

If you did not get prompted to enter your stimulus information, that means you either:

1. Filed as a dependent being claimed on another tax return, or 
2. have an AGI too high to claim the recovery rebate

To get to the stimulus questions in TurboTax at any time, you can search for stimulus and use the Jump to link.  Generally, if you have adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the recovery rebate.  For filers with income above those amounts, the payment amount is reduced. 

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

If you didn't get one or both of the Stimulus payments or qualify for more it will be the Recovery rebate credit on 1040 line 30.  It either adds to your refund or reduced a tax due.

[xmasbaby0]

@keichenbrenner If you are a dependent or if your 2020 income is too high to be eligible for the recovery rebate credit, the questions will not appear.  

Eligibility for the recovery rebate credit per the IRS:

A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

• $150,000  if married and filing a joint return
• $112,500 if filing as  head of household or
• $75,000  for eligible individuals using any other filing status
  Your payment will be reduced by 5% of  the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

• You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
• You do not have a Social Security number that is valid for employment.
• You are a nonresident alien.
  The following are also not eligible: a deceased individual or an estate or trust.

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)  If you are eligible it will end up on line 30 of your 2020 Form 1040.

Make sure that you enter ALL of the stimulus money received for the 1st and 2nd stimulus for yourself, your spouse and your children.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.