I tried amending my return through Turbo Tax, but it doesn't list the recovery rebate credit as an option to adjust anywhere. If I ignore that and go through the recovery process it tells me it adjusted the credits from not including it the first time (on the 1040 I download from Turbo Tax) to including the incorrect amount that is on my originally filed 1040
Have you received your refund yet? The IRS said it will fix tax returns with incorrect stimulus payments, make the correction to your tax return and continue processing.
If a correction is needed, there may be a slight delay in processing your return and the IRS will send you a notice explaining any change made.
I suggest waiting for your return.
The IRS has a tool that will determine whether or not you ought to amend your tax return. Here is the link.
The recovery rebate isn't listed in TurboTax because we are still waiting for guidance from the IRS.
The tool says that if there is a change to any of the credits on my original filing, of which the stimulus recovery is one, that I need to file an amendment. Is there a timeline on when TurboTax will receive the necessary guidance from the IRS regarding amending returns based on an incorrect stimulus recovery amount? The instructions are available for the 1040X form now, so I believe that I can file the amended return by paper, but would prefer to efile the return like I did my original return
I am also confused why the recovery credit is not listed as one of the credits that I can amend when it was added to the original filing. It is further problematic in that if I finish my amendment hoping that it will ask about the stimulus recovery in a similar way that the software did for the original filing it makes an auto adjustment of adding the full and incorrect amount of the stimulus recovery credit to the amended return almost like it doesn't recognize that it was added in the first place. This doesn't make sense as a waiting for guidance issue to me
I guess the question I most need answered is will it be worth waiting for TurboTax to fix this issue so I can e-file my amended return, or should I just paper file the amendment instead?
Have you received your refund yet? The IRS said it will fix tax returns with incorrect stimulus payments, make the correction to your tax return and continue processing.
If a correction is needed, there may be a slight delay in processing your return and the IRS will send you a notice explaining any change made.
I suggest waiting for your return.