topic Re: Stimulus question-3rd one in Get your taxes done using TurboTax

Stimulus question-3rd one

Iramjleon — Thu, 09 Sep 2021 19:19:17 GMT

I did not receive any of the 3rd stimulus because we made 160,069. Will the fact that unemployment doesn’t count as income make me eligible for the full amount as it would take me underneath 150k?

Re: Stimulus question-3rd one

Natalie A — Thu, 09 Sep 2021 20:11:37 GMT

Hi lramjleon! Yes, the IRS will adjust your 2020 return and refund any overpayment as a result of the Unemployment Exclusion. Additionally, if the IRS determines that your income is under the threshold for the third round Economic Income payment (as a result of the exclusion) the IRS will also issue the payment for the third round payment. There is a question on the IRS Economic Impact Payment FAQs that addresses this concern. I'm including the link Economic Impact Payment FAQs, Unemployment Exclusion

Re: Stimulus question-3rd one

Iramjleon — Thu, 09 Sep 2021 20:17:07 GMT

1) Do you know an approximate timeline (got the unemployment one already)?

2) Will it happen automatically like that one did or should I file an amended one?

Re: Stimulus question-3rd one

Natalie A — Thu, 09 Sep 2021 22:46:37 GMT

Hi Iramjleon,

That's wonderful news that you received your refund for the Unemployment Exclusion already! I'm sorry there is no timeline available but I would recommend setting up an account with IRS to check the status for any updates to your account. If you are now eligible for the Economic Impact payment, the payment would be sent automatically. The IRS is sending payments in phases weekly and it is not necessary to amend your return. Here is a link to set up an account with the IRS and look out for updates, click on log on button then choose the option to set up an account. Set up your IRS Tax Account.