I submitted my 2020 Taxes in mid-October, and subsequently realized I claimed I had NOT received the first Stimulus Check back in May of 2020. As a result, my claimed refund would be $2,400 more that it should be.
THE QUESTION: My return hasn't been processed yet. Should I submit a 1040-X now, or wait until the IRS
a.) makes the adjustment on my behalf, b.) issues the refund with the $2,400 included, or c.) contacts me?
I don't want to delay this any longer than necessary. As there isn't a way on the 1040-X to correct the refund amount not yet paid, 1040-X Line 20 would indicate that I owe them $2,400, regardless of the fact that the refund amount they will still owe me will be greater than this negative adjustment.
Thanks for any guidance!
Never file an amend while your original return is processing. Wait until everything is finished and then file the amend if still needed. Filing an amend will just cause confusion and further delay.
The IRS checks all claims for the Recovery Rebate Credit. They will find the error and correct it. You don't have to do anything except wait. But it will take a while. They process the Recovery Rebate Credit corrections manually, and they are severely backlogged.
Do not file an amended return until you hear from the IRS. Filing an amended return will just cause confusion, problems, and further delay. If the IRS makes the correction as expected, you will not have to amend.
most likely the IRS will catch that you got the stimulus and adjust your refund accordingly. in this case, no amended return would be required.
you probably used TurboTax.
This error on line 30 has happened on millions of tax returns, but TurboTax won't admit to it.
Currently the IRS has 9 million returns that still have to be reviewed by a person.
Any return with an amount on line 30 will be adjusted for any EIP1 or EIP2 amount already sent to you or your spouse if filing joint.