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977014ed
Level 1

Stimulis checks

Stimulis checks were reduced because I reported income over $75000, when I reported these numbers in turbo tax, my return was increased by the decreased amount. Total stimulis checks reduced by $315, return was increased $315  ???

1 Best answer

Accepted Solutions
DMarkM1
Employee Tax Expert

Stimulis checks

The amount of the Recovery Rebate Credit on your 2020 tax return is based on the Adjusted Gross Income (AGI) on your 2020 tax return.  If your 2020 AGI is less than $75,000 you will be eligible for the full amount. 

 

Therefore when you enter your reduced stimulus payment amounts received that were based on 2019 AGI, the difference will be refunded to you on your tax return.

 

Here is a link with more information on the Recovery Rebate Credit.

 

 

 

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3 Replies
KrisD15
Employee Tax Expert

Stimulis checks

Maybe you owe and now you owe more. 

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977014ed
Level 1

Stimulis checks

refund was increased

DMarkM1
Employee Tax Expert

Stimulis checks

The amount of the Recovery Rebate Credit on your 2020 tax return is based on the Adjusted Gross Income (AGI) on your 2020 tax return.  If your 2020 AGI is less than $75,000 you will be eligible for the full amount. 

 

Therefore when you enter your reduced stimulus payment amounts received that were based on 2019 AGI, the difference will be refunded to you on your tax return.

 

Here is a link with more information on the Recovery Rebate Credit.

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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