Yes, both versions of TurboTax will correctly complete the Recovery Rebate Credit Worksheet and file for the credit with your return for you. It will ask you if you received the first stimulus check and how much you received and will also ask if you received the second check and how much it was. Then, it will use that information to calculate with your 2020 return the amount you were entitled to get and give you that amount in your refund. IRS will also use the 2019 or 2020 return to determine your third stimulus check you are entitled to get if you did not get one.
The Recovery Rebate Credit Worksheet in the 2020 Form 1040 and Form 1040-SR instructions can also help determine if you are eligible for the credit and how much you can claim.
You will need the amount of any first and second Economic Impact Payments you received to calculate your 2020 Recovery Rebate Credit amount using the RRC Worksheet or tax preparation software.
Find the amount of your first and second Economic Impact Payments:
- View Your Online Account – Securely access your individual tax information with an IRS online account including your first and second Economic Impact Payment amount.
- IRS letters – IRS mailed Notice 1444 for the first Economic Impact Payment, and we are mailing Notice 1444-B for the second Economic Impact Payment to the address we have on file.
Refer to this information when you complete your 2020 tax return. If you're eligible for the 2020 Recovery Rebate Credit, you will use the information in your tax preparation software or on the 2020 Recovery Rebate Credit Worksheet to calculate your credit amount.
Any first and second Economic Impact Payments we issued to you will reduce the amount of 2020 Recovery Rebate Credit you are eligible for.
