We are a family of 5

[yadirasmommy]

Turbo tax says based on our income, we should have gotten $3710 for the3rd stimulus payment, in actuality we should have gotten 7000 (5 total) but only received 5600. Will the IRS see that I am still owed the 1400 even  though the software is not picking it up? They are basing it on 2021income instead of 2020. We received the 1st 2 stimulus payments for the 5th person in the recovery credit of 2020 taxes....

[VolvoGirl]

Sorry it is really based on 2021.  They just used 2020 to send the checks out fast.  You must have a high income in 2021 that phases it out.

See IRS question 2 here,

2021 Recovery Rebate Credit — Topic C: Eligibility for claiming a Recovery Rebate Credit on a 2021 t...

[xmasbaby0]

The 3rd EIP payment is based on 2021 income---not on 2020.   They were supposed to send those checks out in a hurry last year so they used information from 2020 to send them out.   But the credit is really based on your 2021 income.   If your 2021 income was too high then you might only get a phased out amount or nothing.  If you got it last year you do not have to pay it back, but if you are trying to get it as a recovery rebate credit on your 2021 tax return, it is based ONLY on your 2021 income and on the number of people on your 2021 tax return.