Well, I'm stunned I guess

Just working on the paper (real paper) taxes. First time in.....uh.....can't remember. I think I like it better than TurboTax now that I've gone through it a few times.

Question for the experts: On line 30 it asks for Recovery Rebate credit. I only recieved the first one for $2,206. I put that on line 30? If so, it looks like I add that number to what was taken out of my retirement account as I took the last of it in 2020 (paid $19,241 in taxes)....so my total payments were $21,447...yes? Using the tax schedule, my taxable income (only because I took the last of my retirement savings) was $92,921...filing married/joint my tax should have been $12,024. So....they owe me $9,423 !!??

I think that what you put on line 30 is the Recovery rebate credit that you are still due (not what you received) - you'll need to fill in the worksheet in the 1040 instructions to calculate what extra you my be due - presumably you filed married jointly in 2019 also and what you received ($2,206) was reducedf rom the maximum $2,400 of stimulus 1?. On that basis, Stimulus 2 could (and should) be $1,200  - which based on your income will be what you will be due - this is what you should put in line 30. I presume that you'll receive Stimulus 3 (another $2,800) after filing your 2020 return.

Once you put this correct amount of the rebate credit in line 30, that will then impact any refund you are due - $1,006 less than you first calculation. That is all assuming that the tax status of your retirement withdrawal is correct - which I will clearly defer to the experts.

I'm a UK Chartered Accountant for my sins, all of my US tax knowledge is from my own research (mainly from this forum) and my own US filings over the last 6 years when I availed myself of the Streamlined Foreign Offshore  procedure (which required one hell of a lot of reading!)

Hope that helps.

I think that what you put on line 30 is the Recovery rebate credit that you are still due (not what you received) - you'll need to fill in the worksheet in the 1040 instructions to calculate what extra you my be due - presumably you filed married jointly in 2019 also and what you received ($2,206) was reducedf rom the maximum $2,400 of stimulus 1?. On that basis, Stimulus 2 could (and should) be $1,200  - which based on your income will be what you will be due - this is what you should put in line 30. I presume that you'll receive Stimulus 3 (another $2,800) after filing your 2020 return.

Once you put this correct amount of the rebate credit in line 30, that will then impact any refund you are due - $1,006 less than you first calculation. That is all assuming that the tax status of your retirement withdrawal is correct - which I will clearly defer to the experts.

I'm a UK Chartered Accountant for my sins, all of my US tax knowledge is from my own research (mainly from this forum) and my own US filings over the last 6 years when I availed myself of the Streamlined Foreign Offshore  procedure (which required one hell of a lot of reading!)

Hope that helps.

Hmmmm, have to go back and read some more, I wouldn't have thought that they want you to put money onto that line for money you didn't even get....I would have thought your tax should be based on what totals you actually received. The instructions aren't clear on several lines. The 2nd/3rd bits of money I don't know if I would ever get since my income was so high for 2 years. My income drops to a low amount from now on starting this year.

I believe smitch is correct.  I just did a TT run based on your post and line 30 is what you are owed as a tax credit, not what you received.

I believe smitch is correct.  I just did a TT run based on your post and line 30 is what you are owed as a tax credit, not what you received.

Oh God....and how do you figure that one out? I've only been paying a little attention to the rebate money issue.....I wasn't planning on getting it since my income was so high for the last 2 years. I think I read something ages ago that there were different income categories that indicated how much of a rebate you should get...and then not get if your income was pretty high.

Just when I thought I had it.....you guys crushed me 

It's not that difficult (really!). have you downloaded the 1040 instructions? - instructions for the credit are on page 57 and the worksheet is on page 59  - work your way through it and based on what you've told us so far, you should come out with $1,200 rebate credit. You'll then get a further $2,800 (stimulus 3)  after your return is filed. The rebate will be based on your 2020 income.

Actually, that makes a bit of sense. When I was still cranking away on TurboTax (spit...spit....spit....not happy), I think the total up in the corner was about $8400 or so of a refund....If I stick that $1200 in there that knocks it down into that territory.

OK, finally found the info this morning on Google. That 2nd stimulus money was phased out for couples with income over $174K (I think) in 2019. Because of my taking out a lot of my retirement savings....I was well over that. I shouldn't have received any stimulus money technically. Would I still put that on the Rebate line if I wasn't supposed to get any of that stimulus?

I think you'll find all your answers here:

https://www.irs.gov/newsroom/questions-and-answers-about-the-first-economic-impact-payment-topic-c-calculating-my-first-economic-impact-payment

You get to keep the first payment irrespective - it would have been paid based on your 2018 or 2019 tax return depending upon which was filed at the time. The 2nd (and 3rd payments) will be based on your 2020 tax return  - so go ahead and fill in the amounts in the worksheet in the instructions.

I've rechecked....like I mentioned earlier, my income in 2019 was too high to receive that 2nd payment. I am assuming I then would put 0 for that line 30 Recovery Rebate credit.

I stand to be corrected by others, but I think you will find that the Recovery rebate credit on your 2020 tax return is based on your 2020 income and not your 2019 income - irrespective of what level your 2019 income was.

https://www.irs.gov/newsroom/recovery-rebate-credit

The worksheet clearly makes no reference to 2019 income, only to what you will have received from the 1st or 2nd stimulus. Like I said earlier, fill in the worksheet and if the end result is a rebate due, then fill this figure on line 30.

I stand to be corrected by others, but I think you will find that the Recovery rebate credit on your 2020 tax return is based on your 2020 income and not your 2019 income - irrespective of what level your 2019 income was.

https://www.irs.gov/newsroom/recovery-rebate-credit

The worksheet clearly makes no reference to 2019 income, only to what you will have received from the 1st or 2nd stimulus. Like I said earlier, fill in the worksheet and if the end result is a rebate due, then fill this figure on line 30.

I agree.  From what the OP has said, he received the first stimulus money then didn't receive any 2nd stimulus money because his income was too high (2019 tax return) and the 3rd stimulus money is based on the 2020 return.  Since he has not received any money for the 3rd stimulus he should be entitled to a Recovery Rebate Credit on his 2020 return.

It’s 2020 income. They used 2019 to “estimate” what they expected you to claim for 2020 income.  Which is why there is an adjustment line.

My 2019 income was higher than my 2020. So when I entered my 2020 income, it flagged that stimulus 2 was underpaid.

I just have to assume I'm being thick. This worksheet that is mentioned (and a site linked to).....no idea where it is. The only worksheet I've done online (I found 2 of them....both say I get zippo). https://www.kiplinger.com/kiplinger-tools/taxes/second-stimulus-check-calculator/index.php

At this point....can someone assume I am 5 years old and point out the exact place where it says I get to take that credit?

Download the 104 instructions from here:

https://www.irs.gov/forms-pubs/about-form-1040

worksheet is on page 59 - instructions on page 57.