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

[mheanne48]

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

[Just-Lisa-Now-]

and youre using the Lacerte tax program?

[mheanne48]

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.

[pat]

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]

"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.