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burton1
New Member

Which is correct? Didn't get a Jan 2021 Recovery Rebate from IRS, 2019 AGI>$175,000. Turbo Tax calculating a 2020 Tax Credit of $1,200 because 2020 AGI<$135,000.

 
2 Replies
MinhT1
Expert Alumni

Which is correct? Didn't get a Jan 2021 Recovery Rebate from IRS, 2019 AGI>$175,000. Turbo Tax calculating a 2020 Tax Credit of $1,200 because 2020 AGI<$135,000.

If your 2020 AGI is below the threshold of $150,000 (Married filing Jointly), you are eligible for both stimuluses. If you did not receive the second stimulus, you are entitled to the Recovery Rebate credit of $600 per person when you file your 2020 tax return.

 

In TurboTax Online, to claim the Recovery Rebate credit please do the following:

  1. Sign into your account and continue from where you left off
  2. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
  3. On the next page titled Let's make sure you got the right stimulus amount, click on Continue
  4. Follow the interview
  5. TurboTax will determine whether you are entitled to any additional stimulus
  6. Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.

 

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casoo-hasuconcep
New Member

Which is correct? Didn't get a Jan 2021 Recovery Rebate from IRS, 2019 AGI>$175,000. Turbo Tax calculating a 2020 Tax Credit of $1,200 because 2020 AGI<$135,000.

Due to the Cares act for 2020, MRD was suspended for this year, for 2021 I expect my taxable income to be similar to 2019 which was $379,245.00. Therefore I need to file 2021 Form 1040-ES Payment Vouchers.

 

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