Do I need to file an amendment? Turbotax online asked if we received an economic impact payment. I said no but my online IRS account says we did get a $46 payment.

[Anonymous]

The payment was supposedly, according to the IRS website, Economic Impact Payment 1: $46.07.  Neither of us remember getting it.  I indicated on Turbotax that we did not get it, which increased our refund.

[KathrynG3]

It would appear that you were in the phaseout of the stimulus payment based on your income. Since you indicated to TurboTax that you did not get it, the Recovery Rebate Credit Worksheet will be included in the return. Therefore, any calculation errors will be automatically corrected by the IRS. 

Look at the 2020 Form 1040 download to check what was reported.

To get your 2020 Form 1040 download, from the left menu, select Tax Home. Then, follow these steps:

• Scroll down to Your tax returns & documents and Show.
• Navigate to the option to download the PDF of your return.
  • The forms are named in the top left and lower right hand corners of each page.

For more information, see: 2020 Recovery Rebate Credit — Topic G: Correcting issues after the 2020 tax return is filed | Intern...

[Anonymous]

Hello, 

I asked the subject question about filing an amendment awhile back.  The advice given was to not because the IRS would just adjust any mistakes related to economic impact payment (we received $47 but I indicated on our file that we did not receive anything).  Our returns still haven't been processed (filed in early March).  Now when I sign in to the IRS website I see the following image.  Should we still just wait or should we initiate some sort of amendment?  

[xmasbaby0]

No---do not amend for this.    The IRS is already backlogged ---- your refund is likely caught up in the backlog of returns with incorrect answers to the recovery rebate credit.   They will catch it and recalculate your refund----but it will delay your refund.   Amended returns take about six months or more to process, so amending would be ineffective and just cause more delay and confusion.

From this IRS website - https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

As of May 15, 2021, we had 300,000 individual tax returns received prior to 2021 in the processing pipeline. Including current year returns, as of May 15, 2021, we had 16.4 million unprocessed individual returns in the pipeline. Unprocessed returns include those requiring correction to the Recovery Rebate Credit amount or validation of 2019 income used to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). This work does not require us to correspond with taxpayers but does require special handling by an IRS employee so, in these instances, it is taking the IRS more than 21 days to issue any related refund. If, as a result, a correction is made to any RRC, EITC or ACTC claimed on the return, the IRS will send taxpayers an explanation. Taxpayers are encouraged to continue to check Where’s My Refund? for their personalized refund status and can review Tax Season Refund Frequently Asked Questions.

[Critter-3]

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