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.
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.
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.
I have already submitted them. It won’t let me change it. What to do now? It does show the amount on line 30. Can someone reject them and I fix it?
If you filed, it is like dropping it into a mailbox - you cannot get it back, even if it's pending.
You'll have to wait until your return is either accepted or rejected when the IRS starts processing returns on February 12.
See this TurboTax FAQ for help with amending.
It is possible the IRS will process your return without rejecting it, in which case since you received your stimulus checks they should know and should automatically adjust your Rebate Recovery Credit, but it's impossible to know for sure at this point though.
So just to be clear if the recovery rebate amount is showing up on line 30 then it did give me the credit, correct?
That is correct. When you indicate how much you received in rounds one and/or two, that amount reduces the credit. Any remaining credit is entered on line 30 of your form 1040.
Here is a link with more information on the Recovery Rebate Credit.