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Level 15
February 1, 2021

If you didn't receive all or only received a portion of your Economic Impact Payment (IEP), you'll be able to reflect that in TurboTax.

 

  1. Log on to TurboTax and start preparing your income tax return.
  2. TurboTax will ask you to manually enter the actual amount you received in IEP, if any, as you're going through the federal review section.
  3. If you didn't receive your IEP or only a portion of it, TurboTax will add the amount to your income tax return.

 

Per IRS: Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

  • $150,000  if married and filing a joint return
  • $112,500 if filing as  head of household or
  • $75,000  for eligible individuals using any other filing status
    Your payment will be reduced by 5% of  the amount by which your AGI exceeds the applicable threshold above.

You are not eligible for a payment if any of the following apply to you:

  • You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
  • You do not have a Social Security number that is valid for employment.
  • You are a nonresident alien.
    The following are also not eligible: a deceased individual or an estate or trust.

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Level 2
February 14, 2021

I am using turbotax deluxe CD version. I am getting the message "We crunched the numbers and the amount you received looks right" We received $3600. Now the problem is this $3600 is not listed anywhere on our 1040 as a credit so turbotax thinks we owe money which we dont. When is this going to get corrected so that the correct tax amount is calculated. Again, the issue is there is no $3600 credit listed anywhere on my 1040. I called TurboTax and talked to somone who didnt understand what the issue is, he said I didnt qualify for the Recovery Rebate Credit because I received $3600. I know that!  Is the problem the IRS 1040 instructions and the 1040 form need to be updated for those of us who received $3600 so that it can be applied to our taxes?  By the way, I have been using Turbotax for over 20 years so this is not a newbie question. Long ago I had to use the Premier edition but now that I am retired my taxes are much simpler. 

DoninGA
Level 15
Level 15
February 14, 2021

@Griff48 wrote:

I am using turbotax deluxe CD version. I am getting the message "We crunched the numbers and the amount you received looks right" We received $3600. Now the problem is this $3600 is not listed anywhere on our 1040 as a credit so turbotax thinks we owe money which we dont. When is this going to get corrected so that the correct tax amount is calculated. Again, the issue is there is no $3600 credit listed anywhere on my 1040. I called TurboTax and talked to somone who didnt understand what the issue is, he said I didnt qualify for the Recovery Rebate Credit because I received $3600. I know that!  Is the problem the IRS 1040 instructions and the 1040 form need to be updated for those of us who received $3600 so that it can be applied to our taxes?  By the way, I have been using Turbotax for over 20 years so this is not a newbie question. Long ago I had to use the Premier edition but now that I am retired my taxes are much simpler. 


If the Total of EIP1 and EIP2 that you received was correct then nothing is entered on the federal tax return Form 1040 Line 30.  The Recovery Rebate Credit is only used for those who did not receive stimulus payments they were eligible to receive based on their 2020 federal tax return.  

Level 2
February 14, 2021

Where is my tax credit?  I got $3600 from the Federal government and it is supposed to be a tax credit. Well it is not being applied as a tax credit. 

 

Repeat, the $3600 credit is not being applied as a credit against the tax I owe. 

 

I know I am not supposed to put anything on line 30!!!!!!!!!!!!!!!!!!!!!!!