If you receive your stimulus payment around February 5th and you e-filed your return, you won't be able to change it. It's like putting a letter in the mailbox. You can't retrieve it.
- You'll have to wait until the IRS accepts or rejects your return.
- The IRS has announced that they will begin accepting and processing 2020 individual tax returns on February 12, 2021.
If your return gets rejected, you'll be able to correct the stimulus payment and submit the corrected return.
If your return gets accepted:
- The IRS may correct your return for the stimulus payment in which case you don't have to amend your return.
- If the IRS does not correct your return for the stimulus payment, you'll have to amend your income tax return.
- NOTE: At this time, you're not able to amend a 2020 income tax return. Check the forms availability to see the date you'll be able to amend.
Note: The stimulus money is not taxable income to you.
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