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You enter the amount of stimulus payments you did receive in the Federal Review section of the 2020 federal tax return. If you entered your dependents correctly in the My Info section of the program you will receive a Recovery Rebate Credit on the Form 1040 Line 30 for the payments you did not receive for the dependents. The credit is included in the federal tax refund or the credit will decrease the amount of federal taxes owed.
Hi my name is Derek Patterson I never received my missing
Money from the first 2 stimulus check I already received my federal income tax return how can I file for lost money also I haven't received any child tax credit yet can you please help I have 2 kids and one on the way I need that extraoney thanks
@emmalynn07 If you did not receive the 1st and/or 2nd stimulus payment you were supposed to use the recovery rebate credit when you prepared your 2020 tax return so that the credit could be added to your tax refund. Look at your 2020 Form 1040. If there is an amount on line 30 of your tax form then it was added to your refund already.
If there is no amount on line 30, then the only way to get those EIP payments now is to amend your 2020 return and use the recovery rebate credit to get it. Be prepared for it to take a long time. It takes the IRS at least six months to process an amended return. You can get the 1st and/or 2nd payments. There is no place to enter anything for the 3rd stimulus payment. The IRS issues that payment later.
The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021
The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”) If you are eligible it will end up on line 30 of your 2020 Form 1040.
Make sure that you enter ALL of the stimulus money received for the 1st and 2nd stimulus for yourself, your spouse and your children.
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Even during “normal” times it takes about four months for the IRS to process an amended return. During the pandemic and due to the severe backlog at the IRS it is taking much longer—six months or more for many amended returns. Do not expect quick results from amending. When the IRS issues a refund for an amended return it will be by check. They do not make direct deposits for refunds for amended returns. You can watch for information here:
https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1
Select your tax year for amending instructions:
What does it mean to "amend" a return?
· Do I Need to Amend my Tax Return?
As for the child tax credit payments---if you are not receiving the monthly payments for dependent children you claimed on your 2020 tax return, you can get the credit when you prepare your 2021 tax return. They do not send out the monthly payments while you have a return pending in the system.
For more information on the child tax credit, click through all of the links including the ones on the right side of this IRS page
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
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