Stimulus Checks

[Foxy-Lady]

Client made $177,000 in 2019 made $157,000 in 2020.  Is he entitled to the extra funds being calculated?

[Just-Lisa-Now-]

If hes married, looks like he qualifies for some more of the RRC.  You input what he already got as an advance, right?

If hes single, he made too much money.

[PATAX]

Did you complete the worksheet for this? Did you enter all of the other data correctly on the return in the correct locations?

[Foxy-Lady]

This is a married couple.  Yes I filled in the 2020 income according to the form.  But in 2019 they made $20,000 more.  They got a partial first check and none for the second.  According to our program they are entitled to a credit of $1789.  Is it valid?

[PATAX]

So far all of the returns that I have completed, this calculation has been performed correctly for my clients returns....

[qbteachmt]

This is meaningless: "But in 2019 they made $20,000 more."

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.


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.

[dkh]

If it is a MFJ return without children     Based on the $177000  would've received $2250ish  $1050 ($1050+$0)  Based on the $157,000 qualifies for $3250ish   $2900 ($2050+$850)

Edited to correct my math -  geez I need a nap

[IRonMaN]

"Is he entitled to the extra funds being calculated?"

Yes ---------------- as long as you have the correct amounts loaded in for what they received for the year.