Hello!
So last year I filed my 2019 taxes by myself using turbo tax, being it was the first time I had filed by myself I had put that I could be claimed as a dependent even though I wasn’t by my parents. So when the stimulus checks went out I did not receive anything because I put I could be claimed. This year I seen something about filing a Recovery Rebate credit. Just wanted to see how to go about receiving my missed stimulus checks this year.
If you are not a dependent in 2020, you'll be able to claim both stimulus payments as the Recovery Rebate credit on your 2020 tax return.
In TurboTax Online, to claim the Recovery Rebate credit please do the following:
what if I decide not to file with TurboTax? What sort of paper work would I need to show? I read something about having to need a letter from the IRS about the payment you received. I didn’t receive any letter which I’m guessing the people who got their stimulus but just didn’t receive the full amount only got.
I'm not sure what documentation you would need to provide to a tax return preparer, but the IRS knows how much stimulus money they sent you, so if you enter the wrong amount they would adjust your tax refund accordingly. So I wouldn't think you'd need any paperwork supporting your stimulus payments, unless you were applying for a refund anticipation loan.
Thank you! Another thing if I were to file my taxes on turbo tax would it be possible to do the Recovery Rebate Credit with just the Basic Live Turbo Tax option or would I have to upgrade the service? Also I wouldn’t have to pay the money back I receive right? or this wouldn’t effect my credit would it?