Your stimulus payment will be used to offset your tax liability in 2020, but not any taxes you owed prior to that. So, if you are due a refund in 2020, you will receive it up to the amount of the stimulus payment you are entitled to.
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I won’t owe for 2020. There will be a refund amount but it will be taken to offset my outstanding tax debt from 2016 I’m sure like 2017, 2018, and 2019 were.
Let’s say my 2020 refund is 750 and I claim my recovery rebate credit for 600. 750 will be taken for my 2016 tax debt and and I will receive 600? Is that your understanding? Thanks.
We are happy to share that stimulus payments will begin to be deposited today, Jan 8th, for millions of our customers affected by the IRS error. We expect most of these payments to be available today, but banks could take a few business days to process. Payment will be deposited into the same bank account that customers received their 2019 tax refund. Customers receiving a stimulus payment received an email from TurboTax letting them know their stimulus payment is on the way.
For more stimulus information, please visit the Stimulus hub here: https://turbotax.intuit.com/stimulus-check/
Thank you for your patience!