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Level 2

Question

Recovery Credit

7 replies
50 views

I filed my taxes with TurboTax. I chose that I have received all my stimulus money. But it’s showing as a credit on my form. Did I claim another credit?

TurboTax Free Edition Online

Level 11

Current guidance from the IRS is telling us that you are entitled to the credit for 2020.

Here is link to the IRS Dependent Eligibility.

This is the sentence to read at the end of the paragraph Claimed dependents are not eligible for an additional $500 payment

When the parent who did not receive an additional payment files their 2020 tax return next year, they may be able to claim up to an additional $500 per-child amount on that return if they qualify to claim the child as their qualifying child for 2020.

Level 2

Right but we have received both payments already. I chose we did when going through the steps but the credit is showing up on line 30 so I wanted to make sure that it wasn’t giving us the credit again.

Level 11

Please make sure that "Yes" was selected on the stimulus payment screen and that both amounts are filled in.

When you have received both payments, then Line 30 should not have any amount on it.