Recovery Rebate Credit 2021

[Rene5]

how to apply the recovery rebate credit

[TomK100]

Third stimulus payments were made beginning in March 2021. If you received the full amount of the third stimulus payment in 2021 (Economic Impact Payment), you won’t get any additional Recovery Rebate Credit on your 2021 return since you’ve already received the full amount of the credit as a stimulus payment.

If you didn't receive the full amount of your third stimulus payment, we'll help you claim the Recovery Rebate Credit when you file your 2021 taxes or your 2021 amended return and make sure you get the money you qualify for by double-checking the amount you received.

First, find the exact amount you received for the third stimulus payment.

• On your IRS Letter 6475, or
• By visiting the IRS View Your Account Information page and creating or accessing your account, or
• In your bank statements. You might be able to search your online statements for deposits made by the IRS or US Treasury

When you have it ready, enter all of your federal return information as you would normally.

1. During the Federal Review, we’ll check if you meet eligibility requirements for the stimulus payment.
2. If you meet the requirements, you'll see the Did you get a third stimulus? screen.
3. Answer a few questions about any payments you've already received and then we'll let you know if the Recovery Rebate Credit applies.
   • If you need to make any changes to your stimulus credit responses, search for stimulus and select the jump-to link to return to the section. Enter your updated info and Continue.

[badams_taxes]

Thank You, Everyone, for Your Assistance!

[chris5038]

I never even thought of getting another rebate but TurboTax said we were due one based on information inputted when I did my taxes. I now get a letter from the IRS saying no recovery rebate coming your way and listed 5 reasons why I was not getting it? I did not see where or why I got it to begin with, and now I don't see why I would not get one?

[xmasbaby0]

@chris5038 Perhaps you misunderstood your letter 6475.   If you already   received the stimulus payment of $1400 per person then you were not eligible to get it a second time.   You were supposed to enter that you received it.  You would only be eligible for more if you had a baby born in 2021, added another dependent, etc.   Your online account with the IRS shows which stimulus payments you received.  And you can check your own bank account for the $1400 per person deposits that would have occurred sometime after mid-March last year too.

If you answered the questions in Federal Review for the recovery rebate incorrectly and put that money on line 30 as if you had not received it, then the IRS took it off.   You cannot get it twice.

https://www.irs.gov/payments/your-online-account

[badams_taxes]

Good Morning!

I need some help with Tax Amend. I received a 2020 Form 1099-G with the box checked Corrected for Box 2 State or local income tax refunds, credits, or offsets, and Box 3 amount is for the tax year 2019.

Please give me some guidance, for this is my first time amending my tax.

Thank you in advance.

[badams_taxes]

Good Afternoon!

I need some help with Tax Amend. I received a 2020 Form 1099-G with the box checked Corrected for Box 2 State or local income tax refunds, credits, or offsets, and Box 3 amount is for the tax year 2019.

Please give me some guidance, for this is my first time amending my tax.

Thank you in advance.

[ellen579]

Why am I required to state that i have to report a tax credit on my 2021 return.  I don't recall receiving 2800.00

[xmasbaby0]

@ellen579  You are asked if you received the 3rd EIP payment already because you cannot get the stimulus money twice.   If you received the $1400 per person stimulus check then you should not end up with $2800 on line 30 of your tax return.   If you answer incorrectly and try to get the stimulus twice, it will just delay the processing of your refund and the IRS will take the $2800 away if you already got it.   For many people, receiving $2800 is a memorable event.   But if you do not remember, check your bank account for a deposit of $1400 per person sometime after mid-March.  Or check your online IRS account to see what the IRS shows that they sent to you.

https://www.irs.gov/payments/your-online-account

[xmasbaby0]

@ellen579 And of course....if you really did NOT receive $1400 per person in 2021 then in Federal Review when it asks if you received the 3rd EIP payment you say NO---and if you are eligible the $1400 per person will be added to your 2021 refund.  So ----it is important to answer correctly.

[chasator]

Hello xmasbabo0,

I filed my 2021 return.  Turbotax calculated that I would be a partial Recover Rebate Credit of $383 but the IRS sent me a CP11 Notice saying I have to pay back the $383 (in essense saying I calculated the RRC incorrectly).  I did not, I used Turbotax to calculate it.  My adjusted gross Income was $153,819 so that is why I should get a partial credit.  Is Turbotax wrong or can they help me get it rectified somehow?

I went ahead and paid it until I can get it figured out in Turbotax and will then file an amended return.

[VolvoGirl]

@chasator  Did you get any of the 3rd Stimulus payment that came out in March 2021?  It would have been based on your 2020 return.  It was 1400 person.  If you got any of that then you don't qualify for the Recovery Rebate Credit on 1040 Line 30.  Line 30 is only if you didn't get the full amount or qualify for more.  You might have tried to claim it again.  

Double check your bank statements and Check your IRS account (both accounts if married)

Your Online Account | Internal Revenue Service

[chasator]

Thanks VolvoGirl, yes I did get a part Rebate but I did fill that amount in when TurboTax walked me through it so it makes me wonder why TurboTax still showed I could take a partial credit?

[NCperson]

@chasator - did you file single or joint?

what I have seen from others posting on this forum is that they received Letter 6475 from the IRS confirming what they received and used that number in TT, but what they didn't realize is that if they were a joint filer, there were actually two letters, one mailed to each spouse, and the SUM of the two letters is what needed to be entered.  

[chasator1]

Joint so I bet that is what happened is that my wife received a rebate also. Thank you for posting that as it was very helpful.