I did not include my 2nd stimulus in my taxes and indicated $0 for the second stimulus because I actually received it on 1/4/21. I now know I should have claimed it. Do I need to file an amendment? It is taking way longer than usual to get my Federal Return back so I assume something is being reviewed. Is it possible and hopefully they will check and see that I received the 2nd stimulus and will adjust my return accordingly?
The IRS might actually adjust the amount claimed on your return. If not, you need to amend the return. Wait until the IRS either accepts or rejects your return.
If the IRS rejects your return, you can make the changes and re-submit your return.
If the IRS accepts your return, you have to wait until it has been fully processed and you have received your refund. Then you can prepare an amended tax return and mail it in.
Form 1040X, Amended U.S. Individual Income Tax Return will be available on 03/25/2021
Ok, thanks. At this point it just says "accepted" and I have not received a refund yet but the state return came back already which is never the case. So I just need to wait it out for now, correct? I appreciate this assistance.
Yes, you are correct you are just waiting for the IRS to process your return.
Here is a link to monitor for updates on the Recovery Rebate Credit. The IRS may update this page once they decide how they will handle this very common situation.
So I just checked and it still says "accepted" but I have not received a return yet. Since this is taking so long I would guess that me indicating I did NOT receive my stimulus (when I did) may have flagged something?
The IRS will make the necessary adjustments and it may take some time. This year has brought challenges. The IRS is required to reconcile the tax returns and stimulus payments as well as working on the third stimulus payments due to the American Rescue Plan. With the tax season and the changes taking place all at once, a delay should be expected for full payments. They want to be diligent and are required to follow any protocols they have been issued. They will make any adjustments and additional payments as they complete the process.
Do NOT amend your tax return, as they have made it clear this will only delay the process.