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Gracieee
Returning Member

Amend my 2020 taxes, help!

when I filed my 2020 taxes I had forgotten to add one of my W2's from that year. I had work less than half a  year in that previous job and completely forgot about it. 

I'm trying to amend it now (really late I know) and its asking me if i had received any of the stimulus from that year. in 2020 my parents had claimed me in their taxes, so I didn't receive anything that whole year but when I filed my taxes in 2021 they didn't, which resulted in me getting my stimulus in March of 2021. 

Now, since I'm amending its asking me if i received any of the first and second round stimulus, which technically I didn't within that year, but i received it after filing my taxes in 2021. 

do I say I received the stimulus or not? if i say i did receive it i owe over $1000 in federal income... that's more than what i earned in the W2 that i need to add. . :( I've tried calling but it no one has helped me out yet. 

5 Replies
Critter-3
Level 15

Amend my 2020 taxes, help!

No matter when you got the stimulus payments  you DID get them  so enter the amount you did get on the return. 

xmasbaby0
Level 15

Amend my 2020 taxes, help!

More income = more tax.    So it is entirely possible that you owe now that you added a W-2 to show that you had more 2020 income than you originally entered on your tax return, especially if you did not have enough tax withheld from that income.  

 

Sorry---you do not get to be so literal about "when" you received a stimulus payment.   If you received the 1st or 2nd EIP payment it does not matter when you received it---you have to say that you got it.  The IRS will cross check anyway and see that you got the payment so even if you answer incorrectly, they will find out you got it and you will still owe.   Many tax returns have ended up in the error department when people have answered incorrectly about stimulus money they received----and it delays processing by months and months.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
rooksmith2
Level 2

Amend my 2020 taxes, help!

Even if you got the second stimulus check in 2021, it was authorised in 2020, so it gets reported there.  The IRS made this mistake and many people thought they didnt get the EIP2 payment. After all there was no letter mailed, it just magically shows up in your checking account in Feb of the next year.  Since I wanted to get an early start on my taxes, I followed the Turbo Tax dialog and made the mistake of applying for the Recovery Rebate Credit which caused about a 4 month delay in the refund. --- if you do clain the credit and  didnt realize you did recieve it in 2021, they will hold back your refund, make and adjustment to the 2021 taxes (reducing it by the same amount as the stimulus. That alone took them 4 months to process.) Then if you forgot your 1099-B or a W2 or something, you should file an ammended 2020 tax form. (1040x), Turbo Tax has it built it, and unlike past years, you can submit the form via efile for free. Now for the wierd part. Turbo Tax doesnt know that your refund was reduced, so it calculates the amount you owe or get back for the ammended based on the Original 1040 you submitted. (At least thats what I think). The real difference should be computed by the IRS, since Turbo tax is out of synch with the payment/refund dialog thats been going on. Take heart, there is something called a taxpayer transcript that sort of lists the main transactions over time. The IRS takes months and months to respond, but at least you have your back side covered , but they owe you money. I guess thats better than if you just forget and they come after you for "back taxes.".  Been there and done that. The IRS audit interview ets. is no bueno.

Gracieee
Returning Member

Amend my 2020 taxes, help!

I totally get that! But I only made roughly 800 dollars.. I’m sorry, I’m a little confused why I would owe over $1000 in federal income tax? Maybe I’m just missing something :( 

My bank statements also state that it’s $1,400 that I received in March. In total that’s what I got. I’m not sure if it’s the first and second stimulus. And my accounts on the IRS website doesn’t tell me which one it is. 

Critter-3
Level 15

Amend my 2020 taxes, help!

The stimulus payments  were  #1  for $1200,  #2  for $600  and  #3  for $1400 ....  ONLY the first 2 are entered on the 2020 return when asked.  Check your account on the IRS site to see which ones they sent :  .https://www.irs.gov/individuals/get-transcript

 

 

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