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Question 1: [Edited] Banking information is allowed, but only when e-filing either a refund or balance due. TurboTax Employee Expert @SusanY1 is correct, filing a zero would not be possible.
If your son did qualify to receive any stimulus payments as your dependent, your return would not be 0, though. Any missing stimulus payments for your dependent would result in a refund. However, only dependent children under 17 qualify as dependents for the first and second stimulus payments.
To review how to enter your stimulus payments, follow these steps:
- Go to the search box and enter stimulus. Click the Jump to link.
- Answer Yes.
- At the next screen, Let's double-check the amount you received, answer No to edit the first-round and second-round amounts.
- If no stimulus amount was received, enter 0. An amount must be entered in each box. When finished, click Continue. Enter what was received. TurboTax will calculate any missing stimulus payment amounts.
To see your paperwork, download the pdf by following these steps:
- From the left menu, select Tax Home.
- Scroll down to Your tax returns & documents and Show.
- Select 2020.
- Navigate to the option to download the PDF of your return.
- The forms are named in the top left and lower right hand corners of each page.
- Navigate to Form 1040, page 2, Line 30 to see the stimulus payments for your dependent, now entered as the Recovery Rebate Credit.
Question 2:
- Regarding your concern for your son's return, see: What if I e-filed before May 17, but my return got rejected after the deadline? There is a grace period if the return is submitted before the deadline but was rejected. To minimize any chance of penalties.
- But, there are two main types of penalties: Failure to file and failure to pay.
- To avoid the failure to file, file an extension. See: How do I file an IRS extension (Form 4868)?
- To avoid failure to pay, still pay the tax due today. There is no extra time to pay allowed.
- How can I pay my federal taxes? This article shows what you could do instead of paying with e-filing so that the payment would be received on time. It will be matched to his social security number. Yes, you can skip entering payment information and pay separately even if the return was not accepted yet. The IRS will always receive payments from people. Just be sure to identify what year and for whom.
- What if I can't pay my taxes?
- But, there are two main types of penalties: Failure to file and failure to pay.
- He would not get penalties for filing late if the e-file did succeed by midnight, May 17, 2021.
- But he has to either pay the balance due, or set up a payment plan by midnight, May 17, 2021.
- Penalties can be charged for both failure to file and failure to pay. See: Understanding Penalties and Interest | Internal Revenue Service.
- Penalties can be charged for both failure to file and failure to pay. See: Understanding Penalties and Interest | Internal Revenue Service.
- Yes, you could print the return instead.
- Change from e-filing in the File section. Following the prompts will eventually lead you to the chance of printing the returns.
- Print the option for All official forms required for filing, and
- Save (or print) the option with all calculation worksheets for your records
- Mail this certified mail so that you can track it. It is a few dollars more at the post office, but useful to have the mailing postmarked with the date and time.
- Change from e-filing in the File section. Following the prompts will eventually lead you to the chance of printing the returns.
For any State Tax Returns needed to be filed, see:
What are my options for getting my state refund or for paying any state taxes I owe?
Question 3: You are correct. I have edited this answer to say that you do not need to file. Due to your son's age, no additional stimulus payment can be received by you. However, he may be able to get the stimulus payments filing single, and not claimed as a dependent on anyone else's return.
In general, regarding the wrong banking on file, the best thing to do is what you are doing. By filing the 2020 tax return, the banking information will be updated.
See the rules for each of the stimulus payments here:
The first stimulus payment was for up to $1,200 each.
The second stimulus payment was for up to $600 each.
[Edited 05/17/2021 | 6:09 AM PST]
