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V
Vnorfi
Level 2
January 17, 2021
Question

Why is 2nd stimulus using my 2020 AGI?

  • January 17, 2021
  • 5 replies
  • 7 views
TurboTax is using 2020 AGI, not 2019.

5 replies

DoninGA
Level 15
DoninGALevel 15
Level 15
January 17, 2021

The stimulus payment is a advance tax credit for 2020 so it is based on your 2020 tax return.

V
VnorfiAuthor
Level 2
January 17, 2021

That’s not true. IRS website clearly states it’s based off 2019 AGI. It’s not an advance. 

Critter-3
Critter-3
Level 15
January 17, 2021

OK  ...  BOTH stimulus payments were an ADVANCE on the 2020 credit.   They used the 2018 or 2019 info to estimate your credit in advance however the credit is reconciled on the 2020 return using the 2020 info which may or may not be good for you.   If you did not get enough in advance then you get more on the 2020 return.  If you got too much in advance then you get to keep the excess ... there are no "take backs".  

 

Read up here :    https://www.irs.gov/newsroom/recovery-rebate-credit

 

 

 

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