turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Covid-19 (Coronavirus) personal finance thread

@danishwop The stimulus checks people are receiving in 2020 are based on 2018 or 2019 returns, but they are really an advance on a credit you will be able to get on your 2020 return that you file in 2021.  So if you did not get the $500 stimulus for a child under the age of 17,  you can get it on your tax return next year.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Covid-19 (Coronavirus) personal finance thread

When you file your 2020 tax return if it’s your turn to claim your child, if you did not already receive stimulus credit for your child, you can get it with your 2020 tax return beginning of next year. The stimulus credit is a year 2020 credit, since nobody has filed yet & they wanted everyone to get the money ASAP, they’re using 2018 or 2019 tax return info.

Covid-19 (Coronavirus) personal finance thread

not sure what to say

 

Covid-19 (Coronavirus) personal finance thread

yes

 

Covid-19 (Coronavirus) personal finance thread

I filed using the stimulus registration portal for non filers, added direct deposit information and it said I was set up for direct deposit.  I triple checked everything and submitted it.  It was accepted by the IRS but when I downloaded the submission PDF the direct deposit was wipee'd out.  Is this normal?  I'm scared I'll have to wait for a paper check and there is no way I'll make if I have to wait.  Please help!!!!

Covid-19 (Coronavirus) personal finance thread

Say "Thanks" by clicking the thumb icon in a post

Covid-19 (Coronavirus) personal finance thread

So I was just informed from the IRS that some people didn't receive their stimulus check because of selecting the option of someone can claim me on the Tax returns. My parents never CLAIMED me on their tax returns. He wasn't very forthcoming with me for information, but does anyone think if I amend this, will I finally get a Stimulus check? 

 

 

Thanks to anyone that can get me an answer

Covid-19 (Coronavirus) personal finance thread

@Michael Martzx If you said on your own tax return that you could be claimed as someone else's dependent you made yourself ineligible for a stimulus check---even if your parents did not claim you.  If you CAN be claimed as someone else's dependent then you are supposed to say so on your own return even if they do not end up claiming you.  If it was not correct that you COULD have been claimed then you can amend your return to change the way you answered the question about that in My Info.  

 

The reality is that amending in late October of 2020 will not result in you getting a stimulus check this year in 2020.  The normal time for processing an amended return is about four months.  During the pandemic it has been taking MUCH longer for the IRS to process an amended return.  

 

If you cannot be claimed as someone else's dependent when you prepare and file your 2020 return next year in early 2021, you will be able to get the stimulus money then.  The money people received in 2020 was an advance on a credit that will be on 2020 tax returns.

 

Do you fit the criteria to be claimed as someone else's dependent?

 

WHO CAN I CLAIM AS A DEPENDENT?

 

You can claim a child, relative, friend, fiance (etc.) as a dependent on your 2019 taxes as long as they meet the following requirements:

Qualifying child

• They are related to you.

• They cannot be claimed as a dependent by someone else.

• They are a U.S. citizen, resident alien, national, or a Canadian or   Mexican resident.

• They are not filing a joint return with their spouse.

• They are under the age of 19 (or 24 for full-time students).

    • No age limit for permanently and totally disabled children

        They live with you for more than half the year (exceptions apply).

Qualifying relative

• They don't have to be related to you (despite the name).

• They cannot be claimed as a dependent by someone else.

• They are a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.

• They are not filing a joint return with their spouse.

They lived with you the entire year.

• They made less than $4200  (not counting Social Security)

• You provided more than half of their financial support. More info

When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them.

Related Information:

Does a dependent have to live with me?

What does "financially support another person" mean?

Can I claim a newborn baby?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Covid-19 (Coronavirus) personal finance thread

@xmasbaby0 thank you for the information!!! I'll be sure to be more careful on how I fill out my tax returns for next year.

Covid-19 (Coronavirus) personal finance thread

Filed my 2019 tax return and claimed my doughter but dud not receive the 500 on the stimulus how do I get that money I can’t use the non filers tool if I already filed my taxes it dosent make sense 

Covid-19 (Coronavirus) personal finance thread

And y that 

Covid-19 (Coronavirus) personal finance thread

@cristinag31 If you already filed a tax return for 2019 you are not a "non -filer" so you cannot use the non-filer site.  Unfortunately, there are some people who did not receive the $500 stimulus for children under the age of 16, so you have to wait and get it when you prepare and file your tax return for 2020.  The stimulus money was an advance on a credit you can get on your next tax return.  

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Covid-19 (Coronavirus) personal finance thread

@samlarsonns   TurboTax is not offering loans of any kinds at this time.   In the past several years there has been a refund anticipation loan offered to certain users of online software early in the tax season, but that will not happen until at least February 2022 at the earliest IF they have that program for 2021 returns.   We have no information at this time.   As for government loans---TurboTax cannot help with that.  We answer income tax questions here and help with using the TurboTax software.  Visit your bank to see if there are still any sort of PPP loans to businesses, etc. being offered.   Sorry.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Landagne1
Returning Member

Covid-19 (Coronavirus) personal finance thread

With the CRD from my 401k in 2020, we have the option to pay the distribution back within three years. I see no specific way of allocating money to my financial institution to state that I am repaying the money. The money I received was not set up like a loan. My question is: Can I use the money that I contribute to my 401k from each paycheck as a means to state (enter that amount into tax form) that I have paid some of the CRD back into my 401k when filing my taxes? 

AmyC
Employee Tax Expert

Covid-19 (Coronavirus) personal finance thread

Contributions to your 401K are not a repayment. You should  suspend contributions to your 401k to make the repayment. Your place of employment may have a simple solution available for you. Contact your employer for help in determining correct amounts for deferral and repayment. This affects your w2 as well. You may need a corrected w2. Chances are, if you did nothing to prepare for this, it is too late for  2021 and you need to plan now for  2022. For more see Q7 Coronavirus-related relief for retirement plans and IRAs and the 3 year repay restriction.

 

@Landagne1

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies