Solved
Stimulus/Refund
Hello,
I submitted my tax return on TT online and my standard return was for $1200 but when I put in the Stimulus it went down to $600? Will I need to do an amend?
Thank you,
Teresa
No, before you entered the stimulus payments received the refund included the amount of Recovery Rebate Credits as if you didn't receive any stimulus payments. Once you entered the stimulus payments it took the Recovery Rebate Credit off and showed the correct amount.
If you entered the incorrect stimulus amount then you will need to wait and see if your return gets accepted or rejected. Please be aware that the IRS currently won't start processing returns until February 12, 2021.
- If your return will be rejected by the IRS, then all you have to do is make the changes on your return and refile.
- If your return gets accepted you will have to wait and see if your refund includes the correct Recovery Rebate Credit. If not then you will need to amend your return. Please see FAQ How to amend a tax return for instructions.
But the IRS has not addressed the details yet. They will not open until February 12 and you would not be able to amend until that time and in the meantime, the IRS may establish a guideline. Please see this IRS Recovery Rebate Credit for more information.
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