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.
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I submitted my request immediately when I received the email stating the above no 2/2/21. I submitted to receive an email on 2/8 with instructions on how to fix this before the IRS processes my return but it is 2/8 and I still have not received this email. Please help so I do not have long wait times to receive my return or have to amend.
No, you will not have to amend your return should this deadline have been missed, The IRS will be performing their own reconciliations and have what they've paid out to you, and then will have what you've reported and they will adjust your filing accordingly and most likely send you a letter to this effect. That is all.