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May 28, 2021
Question

I did not get my first stimulus payment of $1200 but did get the $600, when I filled out TT recovery credit, it only gave me a credit of $385 why not the full amount of $1200?

  • May 28, 2021
  • 1 reply
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I did not get my first stimulus payment of $1200 but did get the $600, when I filled out TT recovery credit, it only gave me a credit of $385 why not the full amount of $1200?

    1 reply

    Employee
    May 28, 2021

    Was your 2020 income above the threshold?   Eligibility for the recovery rebate credit per the IRS:

     

     

    A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200  ($2,400  for a joint return) if you (and your spouse if filing a joint return)  are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:

    • $150,000  if married and filing a joint return
    • $112,500 if filing as  head of household or
    • $75,000  for eligible individuals using any other filing status
      Your payment will be reduced by 5% of  the amount by which your AGI exceeds the applicable threshold above.

    You are not eligible for a payment if any of the following apply to you:

    • You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
    • You do not have a Social Security number that is valid for employment.
    • You are a nonresident alien.
      The following are also not eligible: a deceased individual or an estate or trust.

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**