@bk1231 wrote:
Since I have submitted and claimed the child as a dependent for 2020, and even though I may have incorrectly submitted form 8332, I should still receive the recovery rebate if the 2020 return is accepted in time for stimulus check processing in 2021?
The other parent received the 1st and 2nd rounds of stimulus based on 2019 taxes and I also submitted to receive those funds on the tax return because 2020 was my year to claim the dependent.
I am now understanding the I should be looking into amending previous years where I maybe missed the EIC based on not claiming him as living with me for more than 6 months.
If you told Turbotax that the child lived with you more than half the year and you were not releasing the exemption, you will qualify for the recovery rebate.
Or, if you told Turbotax that the child lived with you less than half the year but you are claiming the child because the custodial parent gave you a signed form 8332, you will qualify for the rebate. But, you would have denied yourself EIC and HOH, and might need to amend after the first refund is paid.
Print a copy of your return and make sure the child is listed in the Dependent box and that the Child tax credit box is checked. The recovery rebate is listed on line 30.
The confusion over you mailing an incorrect form 8332 is not likely to affect payment of your refund including the recovery rebate, but it may result in a letter later on, once the main filing season is over and the IRS starts looking for problems.
The recovery rebate is the 2020 stimulus. Round 1 was $1200 per adult plus $500 per dependent in the Spring and Summer, and round 2 was $600 per adult and $600 per dependent paid from December 2020-January 2021. If the other parent claimed the child in 2019 and received a stimulus payment, but you are claiming the child on your 2020 tax return, you would still be eligible for a rebate of $1100.
How a new 2021 stimulus will be calculated is currently unknown because it hasn't been made into a law yet.
