When TurboTax will have the second stimulus in its 2020 Version?

[mafahiim]

I have just bought the desktop 2020 Deluxe version. I can see that TT is calculating if any tax credit is due for the first stimulus check. However, the second stimulus is not there. Just wondering, will that be included any time soon if ever? I have a newborn in 2020, and eligible to both $500+$600 extra (first+second) stimulus credits that were not paid to me by the IRS

[DoninGA · Accepted solution]

If you do not receive the second stimulus payment on or before January 15, 2021 and/or you did not receive the first stimulus payment in 2020 and you are eligible it will be entered on your federal tax return, Form 1040 on Line 30.

The Form 1040 has not been finalized and needs to updated to include the 2nd Economic Impact Payment.

There is a possibility that the Form 1040 will be updated on 01/07/2021 to include the 2nd stimulus.

See this TurboTax support FAQ for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[SteamTrain]

....but if the second stimulus ends up being mailed to you, and that is apparently happening to many thousands or hundreds of thousands of others......you may not receive it until ~22 January (depending on Post Office and when it actually was placed in the mail by the IRS)

[NCperson]

it'll be there as it impacts most every filer,. but give it to the end of the month (you can't file any earlier than the 27th in any event!).... it has only been 9 days since the tax law was passed and only 5 days since the IRS released the new forms and rules that TT has to follow (and 3 of those days were the holiday weekend!)

if there was a year to be patient and not be the 1st one to file, this would be it!

[NCperson]

@SteamTrain - receiving the payment for stimulus #2 and TT being to accommodate and calculate the 2nd stimulus are two separate events. The 2nd HAS to occur; if the 1st doesn't occur, it can be captured in the form of a credit on the tax return. 

[SteamTrain]

@NCperson 

The point I was trying to make, was that even IF the tax software allows you to enter the 2nd stimulus in the tax forms by 15 January.....do Not attempt to claim you did not get the 2nd stimulus until you are sure it wasn't mailed to you...and it just happens to be in-transit.   Far too many people pull the trigger early and then claim ignorance when it arrives in the mail later that than the 15th...now they want to Amend before the IRS have even started processing any. Chaos ensues

[NCperson]

@SteamTrain - yup agreed, and I can't wait to see how the IRS deals with that. 

What if Get My Payment says the payment was DD and it bounced back and I never got the paper check? what do I do, enter zero for the 2nd payment on my tax return and then if the check later shows up, I have been paid twice? 

OR 

I trust the payment is going to come and since I know from Get MY Payment how much it is going to be, I enter that number in TT and then the check never comes, now, I have to get the IRS to send me my money

I did check the IRS website and there are no FAQs to address this. 

Yikes!

[AmeliesUncle]

Personally, I think that TurboTax (and other companies that accept early e-files) should reject any early return that says they have NOT received the second payment.  Returns that claim they have not received the second payment should not be accepted until late January.