Deductions & credits

NCperson · ‎April 17, 2021

@Jtortora70 - I've learned more about how the IRS is dealing with Line 30 since posting a week ago

Let's say Line 30 is overstated, and that can occur when someone UNDERSTATES the stimulus payments they received, the IRS is adjusted and correcting those returns before sending out the refunds.

HOWEVER,

Let's say Line 30 is understated, and that can occur when someone OVERSTATES the stimulus payments they received, the IRS is doing NOTHING. The only way to get this corrected is via an amendment. This appears to be your situation! If I follow correctly, you entered more stimulus than you actually received in a misguided effort to reduce Line 30 to zero, thinking you were not entitled to the money, when you really are!

this FAQ is from the IRS website.....

Q G1. I'm eligible for a 2020 Recovery Rebate Credit but did not claim it on my 2020 tax return. Do ...

A1. If you didn't claim the credit on your original tax return, you will need to file an Amended U.S. Individual Income Tax Return, Form 1040-X. The IRS will not calculate the 2020 Recovery Rebate Credit for you if you did not enter any amount on your original tax return.

You can use the Interactive Tax Assistant, Should I File an Amended Return?, to help determine if you should amend your original tax return.

If you need to file an amended return to claim the Recovery Rebate Credit, use the worksheet on page 59 of the 2020 instructions for Form 1040 and 1040-SR to determine the amount of your credit. Enter the amount on the Refundable Credits section of the 1040-X and include "Recovery Rebate Credit" in the Explanation of Changes section.

If you filed your 2020 return electronically and need to file an amended return, you may be able to file Form 1040-X electronically.

If you did not file your 2020 return electronically, you will need to submit a paper version of the Form 1040-X and should follow the instructions for preparing and mailing the paper form.

Those filing their Form 1040-X electronically or on paper can use the Where's My Amended Return? online tool to check the status of their amended return.