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I would cash the check but follow the TurboTax COVID Tax Center for direction from the IRS.
If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, you will want to follow any directions that the IRS gives us.
I would expect the IRS to scrutinize stimulus payments that were issued against the tax returns that claim the Rebate Recovery 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.
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.
If you have not received your second stimulus check, you will receive your payment in the form of a Rebate Recovery Credit on line 30 of your 2020 Federal tax return when you file.
TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax. The computations within TurboTax are based upon the information that you have entered into the tax software. If you are due an additional amount, it will be issued as a Rebate Recovery Credit (RRC) on line 30 of the 2020 1040 tax return.
In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.
You can access your stimulus check choices by following these steps:
I e-filed for my 2nd stimulus and was accepted on 2/12/2021. I still have not received my 600.00 recovery rebate and it’s been over two weeks. What do I do next?
Your recovery rebate should be included with your refund from the tax return you filed. You can check on the status of it by using this tool from the IRS:
https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
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