At this time, we just do not know.
We do not have specific information from the IRS on the income qualifications or procedures for the tax changes including a third stimulus payment because the measure has been passed by both houses of Congress but not yet signed into law by the President.
Some details are available. See here for the most current information on the American Rescue Plan.
IRS information updates can be found here. TurboTax information updates can be found here.
The IRS says that it will issue 9 out of 10 refunds to taxpayers in less than 21 days. However, if:
- You have e-filed your 2020 Federal tax return,
- You are claiming a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return, and
- Your tax return has been accepted by the IRS.
We suspect that the IRS will scrutinize stimulus payments that were issued against the tax returns that claim the Recovery Rebate Credit. We do not know how much delay that the IRS will incur in such cases.
Implementation of the American Rescue Plan will further strain the resources of the IRS. IRS live phone assistance is extremely limited at this time. For stimulus payment questions, call 800-919-9835.
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