TurboTax will let you update your return for the Recovery Rebate Credit, but beware that you only have until today (Feb. 6th) to make the change. See the following for information:
The Recovery Rebate Credit is the way people who were eligible for a stimulus payment, but did not receive one or received less than the amount they were due, claim their stimulus payment. However, if you have already received the full amount of your stimulus payment and also claim the Recovery Rebate Credit on your return, this will trigger a review at the IRS that could delay the time it takes to process your return and for you to receive your tax refund.
We know how important these funds are and don’t want you to experience any delay in receiving your tax refund. Since the IRS has not opened yet, we would like to give you the opportunity to review and update the Recovery Rebate Credit portion of your 2020 tax return before they open on February 12th.
If you want to review and update your 2020 return, please enter your information here by February 6, to have your 2020 tax return sent back to you. You will then receive an email from TurboTax on February 8, letting you know that your return is available and providing you with detailed instructions on how to review, update and re-file your tax return without the Recovery Rebate Credit.
If you do not want to review and update your 2020 return, then you're all set. No further action is required. We will securely hold your tax return and send it to the IRS when they begin accepting e-filed returns.
TurboTax will let you update your return for the Recovery Rebate Credit, but beware that you only have until today (Feb. 6th) to make the change. See the following for information:
The Recovery Rebate Credit is the way people who were eligible for a stimulus payment, but did not receive one or received less than the amount they were due, claim their stimulus payment. However, if you have already received the full amount of your stimulus payment and also claim the Recovery Rebate Credit on your return, this will trigger a review at the IRS that could delay the time it takes to process your return and for you to receive your tax refund.
We know how important these funds are and don’t want you to experience any delay in receiving your tax refund. Since the IRS has not opened yet, we would like to give you the opportunity to review and update the Recovery Rebate Credit portion of your 2020 tax return before they open on February 12th.
If you want to review and update your 2020 return, please enter your information here by February 6, to have your 2020 tax return sent back to you. You will then receive an email from TurboTax on February 8, letting you know that your return is available and providing you with detailed instructions on how to review, update and re-file your tax return without the Recovery Rebate Credit.
If you do not want to review and update your 2020 return, then you're all set. No further action is required. We will securely hold your tax return and send it to the IRS when they begin accepting e-filed returns.
what happens if i didnt get my check until the 6th. Now i cant amend what i filed with turbotax, so what is the next step for me so i dont have a delay on my refund?
If you have not received the email on the 8th. Can you still receive the email before the 12th?
This happened to me as well...I am wondering what is going to happen. I got my second check on the 9th but had already filed my 2020 return and was not able to amend it until after the 12th. What are we supposed to do now?
You must wait for your return to be processed. The IRS has not published any guidance on how they will handle the misstatement of stimulus payments on 2020 tax returns. They may catch the error and notify you of the corrections. Due to the timing of the stimulus payments and the tax filing season this is a very common experience.
Here is a link to monitor for updates on the Recovery Rebate Credit.