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According to the IRS, stimulus payments are expected to be deposited into bank accounts by the end of January.
The IRS will use your information from your 2019 tax return (or 2018 if you did not file last year). If you don’t receive the correct amount of stimulus payment, you can claim the Recovery Rebate Credit when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have.
We will continue to reach out with new information. We will also be updating our FAQ here:
https://ttlc.intuit.com/community/tax-topics/help/where-is-my-second-stimulus-payment/00/1792522
I don't understand why Turbotax calculates a wrong stimulus payment for my tax filing and does not allow to correct the mistake.
There is a faulty form 1444 hidden somewhere in Turbotax and I can't find it.
You can enter or edit the amounts of stimulus payments you received in the "Federal Review" tab in TurboTax. In TurboTax online click "Federal" in the left hand menu and then the "Federal Review" tab at the top right of the page. That will bring you to the stimulus questions where you can enter/edit the amounts received.
The total amount of Recovery Rebate Credit you are eligible for is calculated based on the information in your 2020 tax return. For example, if you have entered a child age 16 or under as a dependent on your tax return, you will be eligible to receive $500 for round one and $600 for round two for that child.
Here is a link with more information.
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