Why does TT say I should have received $5,600 for the third stimulus?

[ChrisK7UND]

According to TT, I should have gotten $5,600 and we are owed a recovery credit of $2,800.  However, when I look at the IRS page, it shows that for the third stimulus, you are considered having received the full amount it you got $2,800???  So I am hesitant to continue as it gave me a credit of $2,800 on my taxes??  Any help?

[DaveF1006]

It depends. I assume you have yourself and three other family members. How did you file in 2020 and 2019? Did you file for four family members in each of those years because the IRS will determine amount of the third payment from the taxpayer's latest processed tax return from either 2020 or 2019. Here is the IRS link that explains this.

[ChrisK7UND]

I think I figured it out. We made less this year and it put us under the $150,000 married/joint. If they paid based on 2020 then they reduced the 3rd amount. I believe I should have gotten the full amount for my two dependents and wife and we only got the check for the 2 of us. So that must be why. 

[KrisD15]

Yes, the information the IRS has on their site is still based on your 2020 Tax Year return since they haven't seen your 2021 Tax Year return yet. 

Therefore the IRS is reporting that your stimulus payments were Paid In Full. 

Now when you file, TurboTax will figure your "Recovery Rebate Credit".

This credit appears, at least in your case, to be more than the Stimulus Payments the IRS sent, so the difference is refunded on your 2021 Tax Year return as a credit. 

This credit will lower your tax due or increase your refund. 

In the TurboTax program, the credit is figured FIRST, then the payments are subtracted.