that means your income was too high in 2018 or 2019 which limited the stimulus. That means your income on either 2018 or 2019 income tax return was $176,520. That was an estimate of what you were due on the 1st payment (I assume the $2400 was the first payment and you are filing joint - no children)
what you are actually due is based on your 2020 tax return! So if you income was lower this year, you will get more.
Fill in the actual payments you received in the 'federal review' section of TT - it will ask for each payment
then whatever else you are eligible for will appear on Line 30 of Form 1040; it cannot be less than zero. it will increase your refund (or reduce what you owe)
let me know it that works??
In 2019 we actually made just over 150000. 154000 let’s say. We should get 600 per me and spouse plus 600 a piece for two kids. So 2400, minus a bit for going over 150000. That in no way calculates to what we received which was stated above. In April for the first stimulus we got maybe a couple hundred less due to the going over 150000, so not getting over 1000 this time tells me the IRS or turbo tax messed up.
remember the 1st stimulus used your adjusted gross income on EITHER your 2018 or 2019 tax return, whatever was available at the time. The 2nd stimulus was based on 2019 tax return only.
don't worry about it, it was an estimate and what really matters is your 2020 tax return.
In reality the stimulus payments were what they called 'advances of 2021 payments' In otherwords, these stimulus payments were to help you pay 2020 taxes. There is no path or method to get the IRS to adjust the stimulus payments - it is what it is.
But the 2020 tax return is the reconciliation of what you are owed under the law, so let's focus on that,
1) be sure to enter the exact amount of your two stimulus payments in the 'federal review' section of the 2020 tax return.
2) then look at line 30 of Form 1040. That is what you are due. it is based on your 2020 income, your two children (assuming they are under 17 on 12.31.20) and your joint return LESS what you already received.
if you don't feel comfortable that number on Line 30 / Form 1040 is correct, things to review
- on the 1040 tax return, be sure that for your children that are under 17, that the check mark to the FAR RIGHT of their name is under the "child tax credit" column. if not, delete the child and reenter and see if that solves the problem.
- if you adjusted gross income (line 11 on form 1040) is above $150,000 then there will be a reduction in the additional amount you are eligible for.
if you still can't figure it out, post back and we can work though it, but to save time, please post back the exact amount of the two payments received to date and confirm the age of each of your children.
does that help? (ps TT did not screw up - it had nothing to do with it)