Hi all. Wondering if anyone else has had this issue and what I can do to fix it.
- I received my first $1200 stimulus check via direct deposit
- In Nov 2020, I switched banks
- I did not receive my second stimulus due to switching banks so I claimed it on my tax return that I filed with TurboTax this morning
- My 2019 income was less than $75,000, qualifying me for the full stimulus amount each time
- My 2020 income was greater than $75,000 but less than the max of ~$87,000
The TurboTax program seems to have calculated the amount I am due for my second stimulus check based on my 2020 income, not my 2019 income. I spoke to support and they advised me to contact the IRS. I don't think this is right, since TurboTax is the one who put in the incorrect amount. Unfortunately I didn't catch this until after I submitted my return so it doesn't look like I am capable of making any changes.
Has anyone else experienced this? Any advice on how to fix this so I can receive the correct stimulus amount would be greatly appreciated.
No need to contact IRS or TurboTax.
That's the law and that's the result you'll have to live with.
I'm not sure I understand. Can you provide a source for this "law"? Everything I'm seeing says that the second stimulus should be based on the 2019 numbers.
@sousaphoney, I believe the confusion is the difference between the stimulus payment (Economic Impact Payment) and the Recovery Rebate Credit.
The recovery rebate credit was paid out to eligible individuals in two rounds of advance payments called economic impact payments. The economic impact payments were based on your 2018 or 2019 tax year information. The recovery rebate credit is figured like the economic impact payments except that the credit eligibility and the credit amount are based on your 2020 tax year information. If you didn’t receive the full amount of the recovery rebate credit as economic impact payments, you may be able to claim the recovery rebate credit on your 2020 Form 1040 or 1040-SR
This information is found in the IRS 1040 Instructions page 57.