DMarkM1
Expert Alumni

After you file

IRS is reporting that they will be making a sweep of returns to get out any updates to stimulus payments at the end of the tax season. Additionally, when you work the amendment you will change your Recovery Rebate Credit on the amendment as well. 

 

Remember by contributing to your IRA to get the higher stimulus amounts, you're getting a tax savings this year as well as the potential additional stimulus amounts.  For example if you put 5,000 into an IRA to move you to the max stimulus.  Maybe you already received 90% of the joint filing Recovery Rebate amounts (.9 x 3600 = 3240) so you will get $360 extra credit now plus the 5,000 is excluded from taxes this year.   

 

I don't know your actual numbers but the concept is the same. 

 

By working the contribution and the amendment you will have some benefit either way.

 

 

 

      

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