topic Re: Economic Stimulus Credit in Deductions & credits

Economic Stimulus Credit

cosborn — Mon, 15 Mar 2021 15:24:25 GMT

I filled out and submitted my 2020 income tax on the first of Feb 2020 and it included the $600 stimulus credit. I owed 156$ which the IRS deducted from my account on 16 Feb 2020. Now the IRS is saying the additional $1400 payment was returned by my financial institution and they need more information but I can claim it as a credit when I file my 2020 taxes. They are already filed. I was going to use Turbo Tax to file an amended return but it doesn't include anything about the additional $1400 dollars even after the most current updates are installed. What do I do?

Re: Economic Stimulus Credit

DoninGA — Mon, 15 Mar 2021 15:29:44 GMT

https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#bank

My bank account information has changed or was incorrect. Can I update it using the Get My Payment tool? (updated March 13, 2021)

If your bank information is invalid or the account has been closed, the bank will return your payment to the IRS and we will mail it to you by check at the address we have on file.

Re: Economic Stimulus Credit

cosborn — Mon, 15 Mar 2021 15:35:43 GMT

My banking information was correct when I electronically filed my taxes and the IRS deducted the amount owed from my account. I received this same notice when the $600 payment went out and had to get it as a credit on my 2020 taxes.