Question

Unreceived Stimulus Amount Not Calculating Properly

Forum|Forum|5 years ago
April 3, 2021
2 replies
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I did not receive any of the stimulus payments in 2020 and was eligible to receive them (had 2019 AGI of $53,600). TurboTax is using 2020 AGI instead of 2019 to calculate the amount due. How do I change this so I get the correct stimulus amount as a credit on my 2020 tax return?

TurboTax Basic Windows

VolvoGirl

Employee

If you do not qualify for the Recovery Rebate Credit because of your 2020 tax situation then you will not be able to get the missed stimulus payment.

The Recovery Rebate Credit is calculated based on your 2020 income, whereas the stimulus payments were based your 2019 tax return or last return filed. If a taxpayers' situation changes in 2020, they could get a partial or the full stimulus payments based on their 2020 income.

N

NCPERSON1

@dorinda0304 - let me explain how this works; TT is probably correct.

The stimulus payments that were sent out (#1 and #2) were advances on your 2020 payments. What that means is the IRS used your 2019 data (and 2018 if not available) to ESTIMATE what you were owed and paid you that amount.

But what really matters is the information on the 2020 tax return (income, dependents, filing status). that is the ACTUAL.

if that ACTUAL is greater than the ESTIMATE, the difference will be on Line 30 and will increase your refund / reduce what you owe.

if that ESTIMATE is greater than the ACTUAL, then Line 30 is zero and you are owed no more. Line 30 cannot be negative, ,meaning you are not required to return anything,

the law REQUIRES the 2020 income to be used to determine the ACTUAL amount you are owed.

what you were adjusted gross income in 2020, which is what really matters. IF that was over $75,000 and you are single, that is probably why you don't see anything on Line 30.

does that help?