Question

Did anyone get they 3rd stimmy ? & when I called irs they said we had to pay the economic rebate credit back , have anyone heard that ? Ion want it if I have to pay back .

Forum|Forum|5 years ago
March 13, 2021
2 replies
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TurboTax Live Self Employed

The third stimulus payment is unrelated to the Recovery Rebate credit claimed on your 2020 income tax return.

The Recovery Rebate credit is calculated on your 2020 income tax return and is dependent upon what was entered into the program.

If you were eligible for both stimulus payments but did not receive them, you would have been entitled to the credit.

If you noted that you did not receive the stimulus payments on your income tax return when you actually did receive them, the IRS will adjust your overall return and notify you of any corrections accordingly.

Correcting Recovery Rebate Credits on returns already filed

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nicolebarker83Author

@JotikaT2 @So will I have to pay that back for 2021 ?

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JotikaT2

It depends on what was reflected on your 2020 income tax return.

If you had a refund even after applying the credit, you may not owe anything. If however, your credit offset any tax liability, then potentially, yes, you will need to pay the tax due.

I recommend reviewing your tax return to figure this out. Look at line16 that would show your total tax, and line 30 for the amount of the Recovery Rebate Credit. Deduct the total from line 30 from line 33, total payments. The net amount left would be the actual payment on your 2020 income tax return that would be used to offset the tax liability listed on line 16.

Page 2 of Form 1040

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nicolebarker83Author

@JotikaT2 @Ok my line 16 is 0 & line30 is blank I did get 1&2 stimulus already in April & December 2020. But my line 33 has an amount . Now I’m confused & when I go to live tax help on turbo tax they can’t help me even though I paid extra for it . So does this mean they taking it back . Sorry to harass you but u seem like the only one with good answers