topic Re: Stimulus check in Other financial discussions

Stimulus check

rayflores88 — Tue, 26 Jan 2021 21:32:10 GMT

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.

Re: Stimulus check

MinhT1 — Tue, 26 Jan 2021 22:01:44 GMT

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:

Sign into your account and continue from where you left off
Click on Federal in the left-hand column, then on Federal Review on the top of the screen
On the next page titled Let's make sure you got the right stimulus amount, click on Continue
Follow the interview
TurboTax will determine whether you are entitled to any additional stimulus
Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.

Re: Stimulus check

rayflores88 — Wed, 27 Jan 2021 21:50:54 GMT

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.

Re: Stimulus check

ThomasM125 — Wed, 27 Jan 2021 22:00:30 GMT

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.

Re: Stimulus check

rayflores88 — Thu, 28 Jan 2021 08:47:46 GMT

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?

Re: Stimulus check

DMarkM1 — Thu, 28 Jan 2021 14:01:00 GMT

No, the Recovery Rebate Credit is included on the Basic Edition; no upgrade needed for that credit.

No, there is no payback option and receiving a tax credit will not affect your credit files.