MY RETURN IS IN PENDING—what does that mean?
Did you e-file? Did you click that big orange button that said “Transmit my returns now?” If so, your return is now in “pending” on a server. Do not try to change anything while your return is in pending. If your return is rejected you will be able to make corrections before re-filing.
The IRS will not be accepting/rejecting 2020 returns until Friday, February 12, 2021. You need to watch your emails for the acceptance/rejection notice that may take until mid-February or later to arrive. And watch your spam folder too.
When you e-file your federal return you will receive two emails from TurboTax. The first one will say that your return was submitted. The second email will tell you if your federal return was accepted or rejected. If you e-filed a state return, there will be a third email to tell you if the state accepted or rejected your state return.
A state return cannot be accepted until the federal return has been accepted.
We do not know if entering the wrong stimulus amount will delay your refund --- or for how long if it does. The IRS has not offered any guidance yet on how they will handle returns that have incorrect stimulus amounts entered. We all just have to wait and see.
Has there been any updates to this? I still haven't received my refund or heard what is going to happen with it since I received my stimulus after claiming it on my 2020 taxes.
Congratulations on receiving your stimulus payment!
If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, we will see what approach the IRS takes in this situation.
I would expect the IRS to scrutinize stimulus payments that were issued against the tax returns that claim the Recovery Rebate Credit (RRC). This is what the IRS calls the stimulus payments that are issued through the 2020 Federal tax return.
The IRS may be able to correct your tax return and your refund much like it corrects tax returns and refunds which misstate Federal withholding tax.
When we receive direction from the IRS, it will be reported at the TurboTax COVID Tax Center and the IRS Economic Impact Payment Information Center.
If you have e-filed your 2020 Federal tax return and the tax return is rejected by the IRS, you will have the opportunity to correct the entries and calculations to generate the Rebate Recovery Credit as well as correct the entries that generated the rejection.