I am experiencing an issue when filing my 2020 Tax Return, specifically the Recovery Rebate Credit.
I am filing Married Jointly, and our total income for 2020 year is only $89,000, with one kid , and for 2019 year only $80,000.
I did NOT get my 1st Stimulus Check, but I got a $1,200 check for the 2nd Stimulus.
And I add those fields on to the form, and it says I will ONLY get a "1,700 rebate", which I believe is not correct. Can someone explain to me, why am I only getting $1,700 rebate, it should be $3,500 total. I am confused, please help.
This is what the IRS and other calculators online I should be receiving; $2,900 on the 1st Stim Check ($2,400 for me/wife + $500 for 1 child) and should be receiving $1,800 on the 2nd Stim Check ($1,200 for me/wife + $600 for 1 child)
Appreciate the replies. -Mark
Sorry no, I am using TurboTax, and when I saw a similar situation on this forum, I registered and hoping someone can enlighten me on my issue.
I tried calling TurboTax, but before I can speak to someone, I need to pay $90, so I wanted to try my luck here first. Apologize if I am on the wrong area/spot. I just need a clarification from experts.
That log in from TurboTax, and here, would be the same. You didn't need to Register, here. And that's the problem; you are not using the Programs, here. No one here is using TurboTax. These are all different tax prep programs.
"so I wanted to try my luck here first."
But your tax dollars already support the IRS. Go There, First.
"and for 2019 year only $80,000." <== meaningless
"I did NOT get my 1st Stimulus Check, but I got a $1,200 check for the 2nd Stimulus." Only needed for reconciliation, which means "what do I qualify for?" and "how much did I already get?"
Perhaps it would help to review what is really happening:
The funds were paid out as Advanced payment against a projection. The projection used 2018 or 2019 tax returns. But 2020 is the Actuals. You use the 2020 return to reconcile what a person is entitled to, against what they got.
If the person is not a dependent in 2020, then they would be entitled to the payment/credit. That doesn't mean "not being claimed." It means "no longer qualifies as a dependent."
You might want to bookmark these links and read the IRS guidance.
Interactive wizards portal for determining dependency:
One for each EIP.
"Level Up" is a gaming function, not a real life function.