Redoing my 2020 1040, the computer put in a $2994 recovery rebate credit on line 30, and I can't find the instructions it says to see. Can someone explain this to me?

[VolvoGirl · Accepted solution]

The Recovery rebate credit on line 30 is only if you didn't get the full Stimulus payment or qualify for more.

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

Your Online Account | Internal Revenue Service

There have been 3 Stimulus payments.

EIP1 The first Stimulus payment was 1,200 for each spouse and 500 for each dependent under 17.  Came out in spring of 2020.  When you fill out Turbo Tax it starts out by giving you the full amount you qualify for.  Then at the end you enter how much you already got so you don't get it again.  You should have letter 6475 from the IRS saying how much they sent you.  If you are married you should each get a letter for half.

EIP2 The second Stimulus was 600 per person and dependents under 17. The 2nd stimulus checks started going out at the very end of December 2020 and continued into January/Feb 2021.

The first 2 Stimulus payments went on your 2020 return even if you got the second one in Jan/Feb 2021.