Question

Why $1200 Credit???

Forum|Forum|5 years ago
February 1, 2021
1 reply
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I have received 2 stimulus checks totalling $2400, one for $1200 in 2020 and 1 for $1200 in 2021. Now your program says I get a $1200 credit on my 2020 tax return, why is this??

TurboTax Basic Windows

DMarkM1

The Recovery Rebate Credit is based on the following published criteria and uses what is entered on your 2020 tax return.

Round one: $1200 ($2400 if filed jointly) plus $500 for each dependent child age 16 or under

Round two: $600 ($1200 if filed jointly) plus $600 for each dependent child age 16 or under

It appears from the numbers you mention that you received a payment as a single taxpayer in round one and as a married taxpayer in round two.

If your 2020 tax return shows you filing jointly, you are eligible for $2400 and $1200 for a total of $3600 minus what you already received (1200) leaving a credit due of $1200.

Here is a link with more information on the Recovery Rebate Credit.

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