Other financial discussions

1. Whether the funds can be returned to you depends if you are eligible for them. First, check what you are eligible to receive: 

• In general, within the income limits, the taxpayer, spouse and all dependents under 17 would receive the first and second stimulus payments. 
  • The first stimulus payment for those eligible was $1,200 per taxpayer and spouse, and $500 per dependent as reported on the most recently filed tax return. 
  • The second stimulus payment for those eligible was $600 per taxpayer, spouse and dependent as reported on the most recently filed tax return.
• For more information, see: Recovery Rebate Credit — Topic B: Eligibility | Internal Revenue Service.

2. Since the Recovery Rebate Credit was included in the return, then the IRS will automatically make calculation corrections to what is posted to Form 1040, page 2, Line 30.

• It is unclear
  • how many dependents were claimed in 2020,
  • why the IRS recalculated your Credit, and
  • what the correct stimulus payment should be for your family. 
  • how the stimulus section in TurboTax was answered

Refiling the same return or only correcting the credit would lead to the same result without providing more details to the IRS. 

• Regarding whether an amended return is needed,
  • if you do not agree with the IRS calculations, before amending, contact the IRS first. See:  IRS Let Us Help You for other ways to contact them. Trying to reach them via the phone will be difficult this time of year.
  • Also, see the answer to Question 1: 2020 Recovery Rebate Credit — Topic G: Correcting issues after the 2020 tax return is filed | Intern... to decide if you must amend.
• For more information on how to amend if you decide you must amend, see: How do I amend my 2020 TurboTax Online return?

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