Yes, as long as you qualify. Generally, if taxpayers did not get a first or second round stimulus payment, and now they qualify due to a change in circumstance (such as no longer being a dependent on their parent's return), then they would get a Recovery Rebate Credit. The Recovery Rebate Credit is calculated into your overall tax refund and will either increase a refund or decrease the amount of tax owed.
To qualify, you must:
- Be a US citizen or resident alien.
- Not be claimed as a dependent on someone else's tax return.
- Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced.
The recovery rebate form is found under the federal review tab in TurboTax.
You can follow these steps in TurboTax to enter information for the recovery rebate form:
- With your return open, search for stimulus with the magnifying glass tool on the top of the page.
- Select the Jump to Stimulus in the search results to directly go to correct TurboTax page.
Before you complete this section, it is best to have all your income and deductions entered so the correct amount of the tax credit is correct.
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