topic Re: Stimulus Check in Get your taxes done using TurboTax

Stimulus Check

Keovalley — Mon, 04 Jan 2021 03:55:58 GMT

On my mother's 2019 taxes I was claimed as a dependant and I'm over 18 so no one recieved money for me from either stimulus. Though that was from when I was a dependent college student. In 2020 I'm no longer in that situation. I won't be claimed as a dependent again. Though I'm still not required to file taxes because my income didnt exceed any threshold that would require me to do so. I am independent and certain I wont be claimed again. Am I eligible to get my stimulus payments by claiming the recovery rebate credit even if i normally wouldnt have to file?

Re: Stimulus Check

Bsch4477 — Mon, 04 Jan 2021 04:16:58 GMT

Yes. File a 2020 return to get the stimulus.

Re: Stimulus Check

Critter-3 — Mon, 04 Jan 2021 04:40:03 GMT

The stimulus checks are an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the one or both of the stimulus checks ( by 1/27 when the efile system opens up ) you can get the credit when you file your 2020 return in early 2021—if you are eligible it will end up on line 30 of your 2020 Form 1040.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-...

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

We know that the IRS is already revising the 2020 Form 1040 to include the 2nd stimulus, but that change will entail a lot of re-programing at the IRS and for the tax software programs. It may be at least a month — or longer— before the forms are changed. Do NOT be in a hurry to file your 2020 tax return until more is known. Give some extra time to the IRS and the software programmers so that the software can handle the new 2nd stimulus, so that you can get it all by filing ONE time. It is never a good idea to file too early; filing your 2020 return too soon may result in a lot of extra confusion that can be avoided if you wait and file a little later.