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Recovery Rebate Credit and Dependent Age Change

Forum|Forum|5 years ago
February 21, 2021
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Our first stimulus payment was based on our 2018 tax information. In 2018, our son was 16 years old and our AGI was above $150,000. So, we received an amount less than the full $2900, and some portion of that was due to the $500 per dependent. When calculating the Recovery Rebate Credit, it appears that TurboTax is using the information entirely from 2020, both our AGI and our son's age. Since our 2020 AGI dropped below $150,000 and our son was 17 turning 18 during 2020, we appear to be eligible for only $2400 for the first stimulus payment. I'd like to be sure that this sounds correct. Even though the money we already received was calculated with a dependent as part of the formula, the new calculation will not. In essence, is there no way to get the dependent portion in our case, or are we truly not eligible for that? Thanks.

Best answer by xmasbaby0

No, you do not get more stimulus money for a dependent who was over the age of 16 in 2020. The stimulus was an advance credit based on your 2020 return. They used 2018 or 2019 returns to get the checks out in a hurry last year --- if you received some stimulus money and have a "too-high" 2020 income you do not have to pay it back, but you are not going to get more based on a dependent who no longer qualifies nor for a 2020 income that exceeds the limits.

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xmasbaby0Answer

Employee

No, you do not get more stimulus money for a dependent who was over the age of 16 in 2020. The stimulus was an advance credit based on your 2020 return. They used 2018 or 2019 returns to get the checks out in a hurry last year --- if you received some stimulus money and have a "too-high" 2020 income you do not have to pay it back, but you are not going to get more based on a dependent who no longer qualifies nor for a 2020 income that exceeds the limits.

**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.**