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Recovery Rebate Credit (Glitch, Issue or is it correct?)

mheanne48
Level 1

Hello All,

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

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4 Replies 4
Just-Lisa-Now-
Level 15
Level 15
and youre using the Lacerte tax program?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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mheanne48
Level 1

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.

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pat
Level 4

This forum is for professional tax preparers who use Lacerte software. We do not offer tax advice and nothing on this forum should be construed as such.

Good luck.

qbteachmt
Level 15

"I registered"

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:

https://www.irs.gov/help/ita

And:

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

https://www.irs.gov/coronavirus/second-eip-faqs#Eligibility

One for each EIP.

 

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