Well, I'm stunned I guess

Here also is the Recovery Rebate Credit worksheet.  Work through it and put the answer on line 30 on the 1040.

https://www.thetaxbook.com/updates/TheTaxBook/Client%20Tax%20Tools/Recovery%20Rebate%20Credit%20Worksheet.pdf

Now that is what I call confusing. Worksheet is pretty confusing to me.....ifffff I did it correctly my Recovery Rebate comes to $1394.

Yet, when I look at what the IRS requirements are/were for that stimulus 2 check I get this.https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans.
Who is eligible for the second Economic Impact Payment?

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.  Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

So...I get to claim the stimulus 2 money, even though I wasn't supposed to get any?

You are eligible:

Here's the wording from the IRS : https://www.irs.gov/newsroom/recovery-rebate-credit

The first two rounds of Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit. Most eligible people already received the payments and won't include this information on their 2020 tax return.

Who May Be Eligible to Claim the 2020 Recovery Rebate Credit?
If you didn't get a first and second Economic Impact Payment or got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you don't usually file a tax return.

Claiming the Credit
To claim the 2020 Recovery Rebate Credit, you must file a 2020 tax return, even if you aren't required to file.

You must also know the amount of any first and second Economic Impact Payment you received.

So.....if I am able to claim the rebate.....do I put in that number I got from the worksheet? ($1394)

Yes - double check the worksheet but sounds right to me.

Stimulus 1 = $2,400
Stimulus 2 = $1,200

Less received $2,206 = $1,394.

The key is the wording from the IRS "The first two rounds of Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit." your 2020 return shows eligibility based on your 2020 income.

At this point I'm just going to fill out the forms in the next day or so and head down next week to FedEx (or however I did it last year) the forms in. Next year will be easier....my income drops to under $20K, and I'm taking my wife off my US taxes for 2021.....which I "think" isn't a problem.

Thanks for the help folks.....

Fred

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.

Yes - double check the worksheet but sounds right to me.

Stimulus 1 = $2,400
Stimulus 2 = $1,200

Less received $2,206 = $1,394.

The key is the wording from the IRS "The first two rounds of Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit." your 2020 return shows eligibility based on your 2020 income.

That is exactly what the TT run says. 

At this point I'm just going to fill out the forms in the next day or so and head down next week to FedEx (or however I did it last year) the forms in. Next year will be easier....my income drops to under $20K, and I'm taking my wife off my US taxes for 2021.....which I "think" isn't a problem.

Thanks for the help folks.....

Fred

For 2021 I would check it both ways before filing since the married filing jointly deduction is over $24k. You should be liable to zero taxes with income under $20k.  Single filers have a deduction of half the deduction of married folks.

For 2021 I would check it both ways before filing since the married filing jointly deduction is over $24k. You should be liable to zero taxes with income under $20k.  Single filers have a deduction of half the deduction of married folks.

Yeah, I'm going to have to look into it more....but I need to see what the numbers should look like if I move her. Right now all of our accounts (just interest producing) need to be reported to the IRS. It was over $6K last year....although it will sure be a lot less this year.....and we just dumped another £15K to my wife's daughter for a house she just got today. Interest rates are going to be a lot lower than from 2020. One of our 1 year bonds I think was getting almost 2% in 2020 and a couple more close to it. That bigger account is .55% this next year (just re-newed the first of March) and while it looks like things might be going back up, but .5% looks about as good as we can get right now.

The plan was for me to take my wife off the taxes, move a couple of accounts into just her name so any interest would not show up on my taxes (correct?). I'll have to do the FBAR and FATCA this year....but it would be down to just FBAR next year if that other money is just in her name. She has put off taking a small pension so that we could avoid US taxes on it. Hopefully.....another small pension from her in a couple of years plus her portion of the US SSecurity which we were going to start in May/2022.

Yeah, I'm going to have to look into it more....but I need to see what the numbers should look like if I move her. Right now all of our accounts (just interest producing) need to be reported to the IRS. It was over $6K last year....although it will sure be a lot less this year.....and we just dumped another £15K to my wife's daughter for a house she just got today. Interest rates are going to be a lot lower than from 2020. One of our 1 year bonds I think was getting almost 2% in 2020 and a couple more close to it. That bigger account is .55% this next year (just re-newed the first of March) and while it looks like things might be going back up, but .5% looks about as good as we can get right now.

The plan was for me to take my wife off the taxes, move a couple of accounts into just her name so any interest would not show up on my taxes (correct?). I'll have to do the FBAR and FATCA this year....but it would be down to just FBAR next year if that other money is just in her name. She has put off taking a small pension so that we could avoid US taxes on it. Hopefully.....another small pension from her in a couple of years plus her portion of the US SSecurity which we were going to start in May/2022.

For sure, once you start filing as Married filing Separately, her being a UKC only means that any accounts or income in her name only are not subject to US tax or FBAR reporting. (You will continue to list her as spouse when filing MFS)

Well....after stalling for a couple of weeks.....I think I just need to finish up the FATCA paper (form 8938) before I send it in. Problem is....evidently in section V they want the details of each bank account. No problem, but......there is room for only 2 bank accounts with the "continuation" next page below the first. I have 5 bank accounts that need reporting....the form doesn't let you add pages like TurboTax did. How do I add more pages? Only way I can see is to fill out the form and include 2 accounts, and then kick up a new form and put in 2 more accounts, and then kick up yet another form to add the 1 other account needed. Does this even make sense?

If you're doing this manually, you just repeat using the third page of the same form and number each continuation sheet (top right) - the first page (top right) gets you to note how many continuation sheets you're using. Quite a pain and a bit Heath Robinson if you ask me - but that's the IRS for you!

After years of doing things manually I finally went to using TaxAct this year - such a breeze - why I didn't consider using it previously I'll never know.

The work around on paying by UK credit worked  for me using a white address (the TaxAct city, state & zip code, but your actual UK street address).

If you're doing this manually, you just repeat using the third page of the same form and number each continuation sheet (top right) - the first page (top right) gets you to note how many continuation sheets you're using. Quite a pain and a bit Heath Robinson if you ask me - but that's the IRS for you!

After years of doing things manually I finally went to using TaxAct this year - such a breeze - why I didn't consider using it previously I'll never know.

The work around on paying by UK credit worked  for me using a white address (the TaxAct city, state & zip code, but your actual UK street address).

Thanks, I saw the page numbers at top/right....just didn't click through my thick skull that that's what you would need them for if running off multiples. I'll just run off 3 different pages and number them. It's only that section I have to fill out since I don't have any of the "other" type of financial thingies. Just bank accounts/1 year bonds.