Question

Recovery Rebate Credit Question

Forum|Forum|4 years ago
March 30, 2022
2 replies
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I used Turbo Tax this year for filing my taxes. We file married filing jointly and have 2 dependents. Our AGI is 152k, so a little over the limit but I thought that the code only reduced the credit by 5% of the amount you are over the AGI limit of 150k for the credit. However, I just got a letter from the IRS stating we owe most of the credit back, $1,340.

I don't think Turbo Tax made a mistake from what I can see and I'm dreading calling the IRS for an explanation this time of year. Has anyone else gotten a similar letter or can maybe explain why being just over the 150k AGI for married filing jointly would result in most of the $1,400 being returned? Thanks.

TurboTax PLUS Online

T

ThomasM125

For the third stimulus check, the full amount would be $1,400 for each person on your tax return. The deduction is phased out at income of $150,000 to $160,000, so you would have a phase out of about 20%. So, you should be shorted about $280 (20% of $1,400.) I don't know why the IRS would have adjusted it otherwise.

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VolvoGirl

Employee

Did you already get the 3rd Stimulus payment March-Dec? How much is on line 30? Line 30 is only if you didn't get the full amount or qualify for more. Not the amount you already got or qualify for.