Recovery rebate worksheet

[John H]

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 

[TaxGuyBill]

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]

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 

[John H]

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 

[TAXOH]

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]

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

[TAXOH]

It must be.  I noticed that too.

[John H]

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 

[John H]

I did not see a repsonse sorry 

[sjrcpa]

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.