ok so I was reading from the IRS that the checks sent out were based on 2019 taxes and if your financial situation changed in 2020 and wouldn't qualify for the checks that I would not have to pay the amount back.
In summary: based off 2019 taxes my wife and I were eligible for both payments as we had moved and she was unemployed. Once gaining employment our combined 2020 taxes would only qualify her for the checks.
yet in turbotax when i enter our combined amounts for both payments it's adding $1800 to federal taxes due, basically saying I owe for the 2 payments I received.
Is this accurate?
You are correct, you would not have to pay back any overpaid stimulus based on your 2019 tax return. I think what is happening is that you are due an additional $1,800, which would be the correct amount for your spouse evidently, and it is being subtracted form your tax, not added to it. Are you sure the $1,800 is being added to your taxes due?
You can view your tax return in TurboTax by using the following tabs, and then look on line 30 of form 1040 to see if you see the recovery rebate credit for $1,800 there:
- Tax Tools (left side of the menu bar)
- View Tax Summary
- Preview my 1040 (left menu bar)
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