The title says it all. I heard of people receiving stim checks in the mail. I put on my tax return that I have not received my stim yet but what should I do if I receive while waiting for my tax return?
Wait and see what happens. The IRS will probably correct it for you. If they don't, then after you get your refund you will have to file an amended return, Form 1040-X.
If you have e-filed your 2020 Federal tax return and the tax return is rejected by the IRS, you will have the opportunity to correct the entries and calculations to generate the Rebate Recovery Credit as well as correct the entries that generated the rejection.
I expect the IRS to scrutinize stimulus payments that were issued against the tax returns that claim the Recovery Rebate Credit (RRC). This is what the IRS calls the stimulus payments that are issued through the 2020 Federal tax return.
When we receive direction from the IRS, it will be reported at the TurboTax COVID Tax Center and the IRS Economic Impact Payment Information Center.
I'm not trying to delay my tax return, we need it badly. My brother filed AFTER we did and he just received his tax return. Talk about frustrating...we've had to wait MONTHS for a stimulus and now we'll probably have to wait even longer for a tax return. Ugh!