Second Stimulus Payment

[bill18163]

My wife and I received our first stimulus payments of $1200 very fast by direct deposit. We have not received our second payment yet and the IRS web site says it has no information for us. Now I happen to see a video on the internet while researching ways to get information on our payments that said that if you had to pay the IRS in 2019 instead of getting a refund the IRS would not have your direct deposit information. I don't know if this is true or not. Does anyone know anything about this? 

          Now my next problem. If I enter the stimulus payments in 2020 TT I first enter $2400 because we received that amount in early 2020. Then if I enter zero for the second payment we have not received yet the program gives us a partial payment amount. Now in 2019 which I believe should be the year that is being used to determine our payment amount, our AGI was under $150,000 meaning we should get the full amount. However, the payment amount being calculated in 2020 TT is a partial payment.  Our AGI for 2020 is over $150,000. So the question I have is: is 2020 TT using our AGI for 2020 to figure out our stimulus payment when it should be using the 2019 AGI that is under $150,000?

[xmasbaby0]

Your mistake is that you think your 2019 income should be used.   No.    The stimulus is an advance credit that is given to you based on your 2020 tax return.   When they hurried to send out those checks last year they had to use either 2018 or 2019 returns for the information.   But if you are using the recovery rebate credit then it is correctly calculating your stimulus amount based on your 2020 income----and you are subject to the phase out if your income exceeds the limit.

[bill18163]

A number of my friends and family have received the $600 payments and they have not filed their 2020 taxes yet. So what tax year was used to determine that they get the $600?

[xmasbaby0]

Congress passed the 2nd stimulus bill at the end of 2020. Both stimulus checks were an advance credit for your 2020 tax return,  The 2nd stimulus checks started going out at the very end of December 2020 and continued into early January 2021.  When you fill out the recovery rebate credit it is important for you to enter the entire total of the amount you have received for yourself, your spouse, and your dependent children so far.   Entering the wrong amount might delay your 2020 refund.   Enter stimulus payment #1 and stimulus payment #2.

It should help you if you bear in mind that the purpose of the question is to determine if you have already received the amounts you should have received.