Had a pleasant surprise as I did an early walkthru on my Turbotax.

 

When the stimulus checks came out last March-May, I got zip, because the AGI of my latest tax return (2020) exceeded the $160k cutoff. Well, figured that was the end of that. But today as I plugged my numbers into Turbotax (all final numbers, except last interest income of year from Bangkok Bank), I got a flag saying, hey, your latest AGI (2021) says you should have gotten a $2800 stimulus check back in March-May 2021. Did you get it? Nope, I got zero. Well, we'll fix that, so your return now reflects a tax credit of $2800 based on your 2021 AGI. Huh, I can use my after the fact (2021) AGI?

 

This information was out there last March (see the following article), but I never saw it. So, were I to do my taxes by pencil and paper, I would have missed that. So, thank you Turbotax -- a favorable return on my $39 cost for TT.

 

Quote

While the $1,400 payments will be based on the most recent tax return the Internal Revenue Service (IRS) has on file for each taxpayer, if you lose income in 2021 and become eligible for the third stimulus check for the first time — or for a larger portion of it — you will be able to claim it on your 2021 tax returns, which you will file in 2022,

https://www.cnbc.com/2021/03/12/lose-income-2021-qualify-third-stimulus-payment-retroactively.html

 

I stepped through TurboTax yesterday getting a headstart on 2021 e-filing.

 

I did get this Stim #3, $1,400 (for me, single) PROMPT, but as I did receive this payment ~ March-ish as a direct-deposit to my U.S. bank account, I declined taking at as Rebate Recovery Credit.

 

Standard deduction (Single) is $12,550 with a $1,700 kicker for 65+ YO, for a total of $14,250.