Recovery rebate credit: Stimulus incorrect.

[phildonnia]

My "second" stimulus amount was not correct:

I filed my 2019 return using an incorrect 1099, which made me eligible for a lower stimulus payment.  When I received a corrected 1099, I amended, but I had already received a lower amount of stimulus.  I should have been eligible for more.

The standard answer is that I can just claim the difference under the Recovery Rebate Credit in 2020.  However, this is based on 2020 income, under which I am not eligible for any payment.

Is there any way to get this corrected?  I feel like I did nothing "wrong" except rely on my broker statements and file my return timely. And now I'm $300 short.  The timing of filing or amending shouldn't affect the eligibility for credits in this way.

[BessieBeth]

From what I'm reading you amended your tax return once you had the corrected 1099, if that is the case you should be able to get a copy of this amended return from the IRS.  

However if you are using Turbo Tax, the information about the amended return should be there once you transfer last year's information to this year.  If it doesn't, enter the amount you did receive and TurboTax should take care of the rest.  To make sure, click Forms at the top of the screen, look at the list of all the forms, Recovery Rebate Credit should be one of them, if not go to the Federal Review and it should take you right to the questions asking how much stimulus you received.  If you didn't get what you should have then the program should make the corrections for you.   

I hope this was of some help

[DanaB27 · Accepted solution]

No, if you do not qualify for the Recovery Rebate Credit because of your 2020 tax situation then you will not be able to get the missed stimulus payment.

Your credit amount will be reduced if your adjusted gross income (AGI) is more than: 

• $150,000 if married and filing a joint return or filing as a qualifying widow or widower
• $112,500 if filing as head of household or
• $75,000 for eligible individuals filing as a single or as married filing separately.  

Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )