Stimulus payments

[doodaw-2020]

Last year we sold an apartment and had our taxes done by an accountant.  We do not qualify for any stimulus checks but the Turbo Tax 2020 has no record of our 2019 income  so it will not let me eliminate that entry on our taxes.  Its claiming we have a $3180 federal refund.

paul

[AlanT222]

Although you did not receive a stimulus payment, you may be entitled to the Recovery Rebate Credit.  

The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.

Eligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. To determine whether you are an eligible individual or the amount of your Recovery Rebate Credit, complete the Recovery Rebate Credit Worksheet in the Instructions for Form 1040 and Form 1040-SR.

Your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are using any other filing status.

[doodaw-2020]

AlanT222

Thank you for your email response.  That makes sense that the wife and I are now eligible for the Recovery Rebate Credit.  I was worried we would be forgotten or were not eligible since I was self employed. 

paul l