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If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, you will have to amend your 2020 Federal tax return and correct the entries and calculations to receive the Recovery Rebate Credit.
Forms availability says that amended tax returns will be available March 25.
If you have not received one or both of your stimulus checks, you will receive your payment in the form of a Recovery Rebate Credit on line 30 of your 2020 Federal tax return when you amend your 2020 Federal tax return.
TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax. The computations within TurboTax are based upon the information that you have entered into the tax software. If you are due an additional amount, it will be issued as a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.
In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.
You can access your stimulus check choices by following these steps:
See also this TurboTax Help.
You cannot make changes to a return that is in pending or to a return that has just been accepted.
We do not know if entering the wrong stimulus amount will delay your refund --- or for how long if it does. The IRS has not offered any guidance yet on how they will handle returns that have incorrect stimulus amounts entered. We all just have to wait and see. You are among many people who were confused and entered incorrect stimulus amounts, or who filed early and then received a check.
If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, you will have to amend your 2020 Federal tax return and correct the entries and calculations to receive the Recovery Rebate Credit.
Forms availability says that amended tax returns will be available March 25.
If you have not received one or both of your stimulus checks, you will receive your payment in the form of a Recovery Rebate Credit on line 30 of your 2020 Federal tax return when you amend your 2020 Federal tax return.
TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax. The computations within TurboTax are based upon the information that you have entered into the tax software. If you are due an additional amount, it will be issued as a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.
In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.
You can access your stimulus check choices by following these steps:
See also this TurboTax Help.
My situation is kinda the same. I did put in that I recieved both checks but was off by $500.00. Will the IRS just subtract that from my refund then send my refund amount?
Yes, the IRS will make the correction and refund you that amount less than what you claimed on your return. There is a chance they could not catch it in time - at which point if you do receive what you are not owed you will definitely want to file an amended and pay that money back as they will come after you for it - plus interest and penalties - even if it takes them a year or two to catch the error.
I entered that I didn't receive either stimulus but was an error received only the 1st one 1700 did not get the second one myself or my dependant
Also the 3rd stimulus
The IRS will review the entries for stimulus payments received and make the corrections and notify you of the changes for the Recovery Rebate Credit.
Here is a link with more information on the Recovery Rebate Credit. See question G2.
Your eligibility for the third round of stimulus will be based on the information in your latest filed return. In your case that will be your 2020 return.
Here is a link with more information on the third round of stimulus payments.
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