When I filed my taxes, I had not received the second stimulus payment, but I just got it today

[tjbrown1011]

What do i do now, since I did the rebate on the tax forms

[bluedeb · Accepted solution]

TurboTax will let you update your return for the Recovery Rebate Credit, but beware that you only have until Feb. 6th (tomorrow) 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.

https://ttlc.intuit.com/community/tax-topics/help/i-ve-already-claimed-the-recovery-rebate-credit-ho...

[lanamarchetti]

Tax return has already been filed and accepted by IRS. I had not gotten my 2nd stimulus at that time and since received it. What do I need to do now since my tax return refund will be $600 more than it should be?

[bluedeb]

@lanamarchetti   you will have to wait & see what the IRS does.  The IRS has not given any information on how they will handle the incorrect stimulus payments on 2020 tax returns.  They may catch the error and send you a notice.

[CatinaT1]

 The IRS should automatically adjust your Rebate Recovery Credit, but it's impossible to know for sure at this point though.

If you filed, it is like dropping it into a mailbox - you cannot get it back, even if it's pending.

You'll have to wait until your return is either accepted or rejected.

• If rejected, you can make any necessary changes regarding your stimulus payments.
• If accepted, you'll need to amend your return. 
• To avoid unnecessary delays, do not amend until your original return has been fully processed.  You will need to print and mail the amendment.  
• Allow 16 weeks for processing.

See this TurboTax FAQ for help with amending.

[bluedeb]

There is no mention from the IRS yet that you can amend your return for an incorrect Recovery Rebate Credit.  Tax payers have to wait & see what the IRS does in this situation.

[lanamarchetti]

It was already accepted by IRS. If I get full amount back I will reach out to them to see how I go about returning it.

[bluedeb]

@lanamarchetti   You will have to wait until the IRS gives instructions on how to correct the Recovery Rebate Credit.  Right now they may just adjust your return, then send you a letter stating what they did.