pvanschuyler
Level 2
‎03-05-2021 08:17 AM

I have a cleint, MFJ with three depednedts under the age of 17. They did not receive the EIP1 or EIP 2 in 2020, as they made too much money in 2018 and 2019.  But in 2020, they made a shade over $150,000. It is my understanding that they should be eligible for the Recovery Rebate Credit. I don't seem to be able to get the credit to generate proplery. Anyone run into this? Thank you.

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Just-Lisa-Now-
Level 15
Level 15
‎03-05-2021 08:56 AM
Did you enter zeroes on lines 16 and 19 of the RRC worksheet?

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pvanschuyler
Level 2
‎03-05-2021 09:06 AM

Are you referring to entering -1 if they did not receive the payments?

Just-Lisa-Now-
Level 15
Level 15
‎03-05-2021 09:07 AM
Sorry, I didnt realize this was Lacerte....Im a PS user

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George4Tacks
Level 15
‎03-05-2021 10:27 AM
Not to be rude, but leave Lacerte alone. It has many major differences in function. Help with tax questions, but not input.

Answers are easy. Questions are hard!
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George4Tacks
Level 15
‎03-05-2021 10:38 AM

@pvanschuyler Did you enter-1 in each of the 4 entry points in Screen 38.2? That should do the job. Look at the 1040, line 30 and you should see WKS  Click on that so see the computation.


Answers are easy. Questions are hard!
Just-Lisa-Now-
Level 15
Level 15
‎03-05-2021 10:41 AM
Sorry George, I didnt realize it was Lacerte, I usually only go into the PS topic, but somehow when I hit the back button from a post it drops me in the main page.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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pvanschuyler
Level 2
‎03-05-2021 10:44 AM

Yes, entered -1 in all areas. The issue is that it is generating a credit for both stimulius checks which I believ is overtated. I believe that the computation should be based on the second payment (RRC) and not the EIP first payment. Laceret is calculating a credit of $6,874 when I believe it should be just $2,987.

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qbteachmt
Level 15
‎03-05-2021 10:48 AM

Here's your Help article:

https://proconnect.intuit.com/community/form-1040/help/how-to-enter-stimulus-payments-and-figure-the...

Oh, found another article:

https://proconnect.intuit.com/community/federal-taxes/help/recovery-rebate-credit-for-tax-year-2020-...

 

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BobKamman
Level 15
‎03-05-2021 11:49 AM

I will gladly leave alone a program where apparently you have to enter a negative number to get somewhere with recovery rebates.  But you can't stop me from shaking my head.  

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