I'm confused about an error on 2020 taxes? Has a 2020 Federal 1040 tax return been filed and accepted? Filed and rejected? Not filed? Please clarify.
This TurboTax Help says the IRS will refer to 2019 and 2020 tax returns. This American Rescue Plan states:
Third Stimulus Payments for Individuals and Joint Taxpayers
Those eligible will get up to $1,400 in stimulus payments for each taxpayer in their family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
Unlike previous stimulus payments, this round all dependents, including adult dependents and college students are eligible for stimulus checks.
Although you may want to file your 2020 return now in order to provide your most recent information to the IRS, including bank account information, you don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.
We just do not know all the details at this time.
We do not have all the specific information from the IRS for the tax changes including a third stimulus payment because the measure has been passed by both houses of Congress but not yet signed into law by the President.
IRS information updates can be found here. TurboTax information updates can be found here.
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