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Recovery rebate worksheet

John H
Level 2

The Recovery rebate credit work sheet for a couple MFJ with  no children is calculatong more than a $2,400 credit.  How can this be correct ?

 

John Hayes 

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9 Replies 9
TaxGuyBill
Level 14

Are you factoring in BOTH credits?  $1200 per adult for the first credit, and $600 per adult for the second credit?  So if they did not receive any advance payments, it would be $3600 of credits.

John H
Level 2

Hi there are no children - just a couple MFJ   they received no stimulas checks  in 2020 as their incone in 2018 and 2019 wasa too high   AGI is $155,000 in 2020   Pro series is calculating a credit of $2472 

Populate the work sheey using AGI of $155,000   what do yiou get ? 

thanks 

John 

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John H
Level 2

Hi the credit can never be more than $2,400 for MFJ with  no children.   the worksheet will calcuulate more then $2,200 under many senarios -   can anyone confrim what I am stating or deny it please 

thanks 

 

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TAXOH
Level 11
Level 11

The first one was 1,200 + 1,200 for 2,400.on MFJ no dependents.

The second one was for 600 + 600 for 1,200 on MFJ no dependents.

The two add up to 3,600 total.

rbynaker
Level 11

Is it Groundhog Day again?  I thought Bill already answered this last week.

TAXOH
Level 11
Level 11

It must be.  I noticed that too.

John H
Level 2

I did not see a repsonse sorry 

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John H
Level 2

Hi lets keep it simple 

MFJ with no children

AGI 155,000 in 2020 

Did not receive a stimulas check in 2020 because filed returns for 2018 and 2019 income was too high   

What is the rebate recovery calculated by Pro series ???  It cannot be more than $2,400 

 

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sjrcpa
Level 15

Yes it can. The maximum for MFJ with no dependent children is $3,600.

Look at the worksheet and the instructions and recalculate it yourself.


ex-AllStar