dan0616
Level 1

My client is MFJ for past 25 years.  Year 2018 AGI = $ 240000; YEAR 2019 AGI = $ 113000 AND I;M WORKING ON 2020 AND AGI LOOKS LIKE $ 234000 AND 2020 HAS NOT YET BEEN FILED.

CLIENT RECEIVED THE SECOND ROUND $ 1200 RECENTLY BUT DID NOT RECEIVED THE FIRST ROUND $ 2400 FROM APPROXIMATELY LAST APRIL.

A READING OF THE IRS RULES/GUIDANCE INDICATES THE TAXPAYERS SHOULD GET THE $ 2400 BUT THE 2020 RECOVERY REBATE CREDIT CALCULATION IN PROSERIES SHOWS $ 0 FOR THE REBATE BECAUSE OF THE $ 234000 AGI AND THE PHASE OUT.   ARE THE TAXPAYERS OUT OF LUCK?  SHOULD THEY HOLD OFF FILING YEAR 2020, AWAITING THE IRS TO SEND THE $ 2400?

ANY SUGGESTIONS/RECOMMENDATIONS ARE GREATLY APPRECIATED!!!

THIS IS DRIVING ME NUTS!!!!!!!!!!!

THANKS VERYONE!!

DAN

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