topic How will the second stimulus impact me? in Tax topics https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#M7266 <P>The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment.</P> <P>Depending on your situation, you could get up to $600 per individual, plus $600 per qualifying child. The IRS will look at your most recent information on file—likely your 2019 tax return—and disburse your payment either by direct deposit, check or debit card.</P> <P>Rest assured that these stimulus payments (both first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits.</P> <H1>Second stimulus payments</H1> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How much is the second stimulus check?</A></H3> <DIV id="collapse2" class="section collapse"> <P>If your adjusted gross income (AGI) is below,</P> <UL> <LI>$75,000 for individuals</LI> <LI>$112,500 for heads of household</LI> <LI>$150,000 for married, joint filers</LI> </UL> <P>you should receive $600 per individual plus $600 per qualifying child.</P> <P>For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means:</P> <UL> <LI>An individual without children will not receive any payment if their AGI exceeds $87,000.</LI> <LI>A couple without children will not receive any payment if their AGI exceeds $174,000.</LI> <LI>A family of four will not receive any payment if their AGI exceeds $198,000.</LI> </UL> <P>You can find your 2019 AGI on line 8b of your Form 1040.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse3" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How will I get the second stimulus?</A></H3> <DIV id="collapse3" class="section collapse"> <P>As part of the tax filing process, TurboTax sends the appropriate banking information to the IRS to deliver stimulus payments directly to customer bank accounts. The IRS will issue payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit, check, or debit card.</P> <UL> <LI>If the IRS does not have direct deposit information on file for you, they will mail a check or debit card using the most recent address on your 2019 tax return.</LI> <LI>If you receive Social Security or Veterans benefits, your payment will be automatically included.</LI> <LI>If you received your refund on a Turbo Card, this stimulus payment may also go to the same account.</LI> </UL> <P>If you did not receive a stimulus, you will need to contact the IRS for next steps. Please know that the IRS will make updates to the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get My Payment</A> portal to provide updated information for taxpayers, you will be able to see updates about your payment there.</P> <P>For more information, visit this <A href="https://www.irs.gov/newsroom/economic-impact-payments-on-their-way-visit-irsgov-instead-of-calling" target="_blank" rel="nofollow">IRS news release</A>.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse4" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>When will I get my second stimulus check?</A></H3> <DIV id="collapse4" class="section collapse"> <P>We are happy to share that stimulus payments for those impacted by an IRS error will begin to be deposited starting January 8th. We expect most payments to be available that day, but your bank could take a few business days to process. Your payment will be deposited into the same bank account where you received your 2019 tax refund.</P> <P>We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay.</P> <P>We appreciate your patience as these payments are processed. This update may not immediately be reflected in the IRS <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get my Payment</A> tool.</P> <P>Find out more about payment timing <A href="https://ttlc.intuit.com/community/internal-revenue-service/help/why-haven-t-i-received-my-second-stimulus-check/00/1781860" target="_blank">here</A>.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse5" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What do I have to do to get the second stimulus?</A></H3> <DIV id="collapse5" class="section collapse"> <P>At this time, you will not have to do anything. As part of the tax filing process, TurboTax sends the appropriate banking information to the IRS to deliver stimulus payments directly to customer bank accounts. The IRS will issue payments using the most recent information they have on file, likely from your 2019 tax return (or 2018 if you did not file last year), either by direct deposit, check, or debit card.</P> <P>To check your eligibility and get an estimate of how much you may be qualified for, please check out our 2020–2021 <A href="https://turbotax.intuit.com/stimulus-check/" target="_blank">Stimulus Check Calculator</A>.</P> <P>If you received Social Security or Veterans benefits, your payment will be automatically included.</P> <P>Please know that the IRS will make updates to the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get My Payment</A> portal to provide updated information for taxpayers, you will be able to see updates about your payment there. The IRS has indicated that those who did not receive a payment, but believe they are eligible, should claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> on their tax return when they file this year.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse6" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Who is eligible for the second stimulus?</A></H3> <DIV id="collapse6" class="section collapse"> <P>The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you can’t have been claimed as a dependent on someone else’s 2019 tax return.</P> <P>In general, taxpayers without an eligible Social Security number are not eligible for the payment. However, this law allows for married taxpayers filing jointly where one spouse has a Social Security number and one spouse does not, to be eligible for a payment of $600, in addition to $600 per child with a Social Security number.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse7" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Why is the info provided by TurboTax different from the info on the IRS website?</A></H3> <DIV id="collapse7" class="section collapse"> <P>You may have noticed that&nbsp;<SPAN style="font-weight: 400;">some of the information on the TurboTax websites is different from the IRS website.</SPAN></P> <P>We have&nbsp;<SPAN style="font-weight: 400;">dedicated teams working tirelessly with the IRS and updating our websites with the latest information as it becomes available. The IRS may simply need more time updating their website.</SPAN></P> </DIV> <H1>Troubleshoot common questions</H1> <H3> <A data-toggle="collapse" href="#collapse9" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I didn’t get my second stimulus check?</A></H3> <DIV id="collapse9" class="section collapse"> <P>We are happy to share that stimulus payments for those impacted by an IRS error will begin to be deposited starting January 8th. We expect most payments to be available that day, but your bank could take a few business days to process. Your payment will be deposited into the same bank account where you received your 2019 tax refund.</P> <P>We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay.</P> <P>We appreciate your patience as these payments are processed. This update may not immediately be reflected in the IRS <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get my Payment</A> tool.</P> <P>Find out more about payment timing <A href="https://ttlc.intuit.com/community/internal-revenue-service/help/why-haven-t-i-received-my-second-stimulus-check/00/1781860" target="_blank">here</A>.</P> <P>For general stimulus information, you can visit our <A href="https://turbotax.intuit.com/coronavirus/" target="_blank">Stimulus Tax Center</A>.</P> <P>For additional information about stimulus payments, including eligibility, payment timing and distribution details, the IRS urges people to visit <A href="https://www.irs.gov/" target="_blank" rel="nofollow">IRS.gov</A> for the most up to date information.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse10" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I didn’t get a first stimulus payment or it wasn’t the right amount?</A></H3> <DIV id="collapse10" class="section collapse"> <P>If you don’t receive the correct amount of stimulus payment, you can claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have. TurboTax will guide you through this to make sure you get every dollar you deserve.</P> <P>We suggest that you save your IRS letter-Notice 1444 which is mailed after the IRS provides you with a stimulus payment. You can use that info when you file your 2020 return to make sure you’ve received the amount you deserve. If your stimulus payments weren’t correct, you may receive the funds as a credit which can add to your refund.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse11" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I need to change bank account info or mailing address? What if it went to the wrong account or wrong address?</A></H3> <DIV id="collapse11" class="section collapse"> <P>We do not expect a way for you to update your bank account or mailing address with the IRS for this round of stimulus payments.</P> <P>If your bank information is invalid or the bank account has been closed, the bank will reject the deposit and the IRS will mail your payment to the most recent address they have on file. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time.</P> <P>If you received your refund on a Turbo Card, this stimulus payment may also go to the same account.</P> <P>You can check the status of your stimulus check at the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">IRS Get My Payment</A> tool.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse12" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Can I update my income and dependent information?</A></H3> <DIV id="collapse12" class="section collapse"> <P>The IRS will use your information from your 2019 tax return (or 2018 if you did not file last year). If you don’t receive the correct amount of stimulus payment, you can claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have.</P> <P>We suggest that you save your IRS letter-Notice 1444 which is mailed after the IRS provides you with a stimulus payment. You can use that info when you file your 2020 return to make sure you’ve received the amount you deserve. If your stimulus payments weren’t correct, you may receive the funds as a credit which can add to your refund.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse13" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if it goes on my Turbo Card? What if I don’t have my Turbo Card anymore?</A></H3> <DIV id="collapse13" class="section collapse"> <P>If you have your card, you can use it anywhere Visa debit is accepted in the U.S. You can also withdraw your stimulus money at more than 19,000 fee-free ATMs across all 50 states.</P> <P>If you received your stimulus on your Turbo card and need a replacement card, we can help you get a new one.</P> <UL> <LI>If your address has not changed in the last year, you can get one through the automated phone system by calling (888) 285-4169.</LI> <LI>If your address has changed, you will need to talk to a live agent to get a replacement card sent to your current address by calling (888) 285-4169.</LI> </UL> </DIV> <H1>Tax implications</H1> <H3> <A data-toggle="collapse" href="#collapse15" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Will I owe taxes on my stimulus payment?</A></H3> <DIV id="collapse15" class="section collapse"> <P>No. The Economic Impact Payments (both the first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse16" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How does the new law affect my Earned Income Tax Credit?</A></H3> <DIV id="collapse16" class="section collapse"> <P>There is a special temporary rule allowing individuals to use their earned income from tax year 2019 to determine their eligibility and amount of Earned Income Tax Credit and the refundable portion of the Child Tax Credit (i.e., the Additional Child Tax Credit) in the 2020 tax year. TurboTax will help you to do this when you file your 2020 tax return this year.</P> </DIV> <P>Check out the <A href="https://blog.turbotax.intuit.com/tax-news/new-coronavirus-relief-package-passed-what-does-it-mean-for-you-and-a-second-stimulus-check-48557/" target="_blank">TurboTax Blog</A> to learn about what else is included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. Or visit the TurboTax <A href="https://turbotax.intuit.com/coronavirus/" target="_blank">Coronavirus Tax Center</A> for more info.</P> Fri, 08 Jan 2021 19:39:19 GMT TurboTax Help 2021-01-08T19:39:19Z How will the second stimulus impact me? https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#M7266 The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment. Depending on your situation, you could get up to $600 per individual, plus $600 per qualifying child. The IRS will look at your most recent information on file—likely your 2019 tax return—and disburse your payment either by direct deposit, check or debit card. Rest assured that these stimulus payments (both first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits. Second stimulus payments How much is the second stimulus check? If your adjusted gross income (AGI) is below, $75,000 for individuals $112,500 for heads of household $150,000 for married, joint filers you should receive $600 per individual plus $600 per qualifying child. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means: An individual without children will not receive any payment if their A... Fri, 08 Jan 2021 19:39:19 GMT https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#M7266 TurboTax Help 2021-01-08T19:39:19Z
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<P>The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment.</P> <P>Depending on your situation, you could get up to $600 per individual, plus $600 per qualifying child. The IRS will look at your most recent information on file—likely your 2019 tax return—and disburse your payment either by direct deposit, check or debit card.</P> <P>Rest assured that these stimulus payments (both first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits.</P> <H1>Second stimulus payments</H1> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How much is the second stimulus check?</A></H3> <DIV id="collapse2" class="section collapse"> <P>If your adjusted gross income (AGI) is below,</P> <UL> <LI>$75,000 for individuals</LI> <LI>$112,500 for heads of household</LI> <LI>$150,000 for married, joint filers</LI> </UL> <P>you should receive $600 per individual plus $600 per qualifying child.</P> <P>For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means:</P> <UL> <LI>An individual without children will not receive any payment if their AGI exceeds $87,000.</LI> <LI>A couple without children will not receive any payment if their AGI exceeds $174,000.</LI> <LI>A family of four will not receive any payment if their AGI exceeds $198,000.</LI> </UL> <P>You can find your 2019 AGI on line 8b of your Form 1040.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse3" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How will I get the second stimulus?</A></H3> <DIV id="collapse3" class="section collapse"> <P>As part of the tax filing process, TurboTax sends the appropriate banking information to the IRS to deliver stimulus payments directly to customer bank accounts. The IRS will issue payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit, check, or debit card.</P> <UL> <LI>If the IRS does not have direct deposit information on file for you, they will mail a check or debit card using the most recent address on your 2019 tax return.</LI> <LI>If you receive Social Security or Veterans benefits, your payment will be automatically included.</LI> <LI>If you received your refund on a Turbo Card, this stimulus payment may also go to the same account.</LI> </UL> <P>If you did not receive a stimulus, you will need to contact the IRS for next steps. Please know that the IRS will make updates to the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get My Payment</A> portal to provide updated information for taxpayers, you will be able to see updates about your payment there.</P> <P>For more information, visit this <A href="https://www.irs.gov/newsroom/economic-impact-payments-on-their-way-visit-irsgov-instead-of-calling" target="_blank" rel="nofollow">IRS news release</A>.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse4" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>When will I get my second stimulus check?</A></H3> <DIV id="collapse4" class="section collapse"> <P>We are happy to share that stimulus payments for those impacted by an IRS error will begin to be deposited starting January 8th. We expect most payments to be available that day, but your bank could take a few business days to process. Your payment will be deposited into the same bank account where you received your 2019 tax refund.</P> <P>We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay.</P> <P>We appreciate your patience as these payments are processed. This update may not immediately be reflected in the IRS <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get my Payment</A> tool.</P> <P>Find out more about payment timing <A href="https://ttlc.intuit.com/community/internal-revenue-service/help/why-haven-t-i-received-my-second-stimulus-check/00/1781860" target="_blank">here</A>.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse5" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What do I have to do to get the second stimulus?</A></H3> <DIV id="collapse5" class="section collapse"> <P>At this time, you will not have to do anything. As part of the tax filing process, TurboTax sends the appropriate banking information to the IRS to deliver stimulus payments directly to customer bank accounts. The IRS will issue payments using the most recent information they have on file, likely from your 2019 tax return (or 2018 if you did not file last year), either by direct deposit, check, or debit card.</P> <P>To check your eligibility and get an estimate of how much you may be qualified for, please check out our 2020–2021 <A href="https://turbotax.intuit.com/stimulus-check/" target="_blank">Stimulus Check Calculator</A>.</P> <P>If you received Social Security or Veterans benefits, your payment will be automatically included.</P> <P>Please know that the IRS will make updates to the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get My Payment</A> portal to provide updated information for taxpayers, you will be able to see updates about your payment there. The IRS has indicated that those who did not receive a payment, but believe they are eligible, should claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> on their tax return when they file this year.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse6" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Who is eligible for the second stimulus?</A></H3> <DIV id="collapse6" class="section collapse"> <P>The same eligibility rules apply to the second stimulus payment as the first one. You must have a valid Social Security number, and you can’t have been claimed as a dependent on someone else’s 2019 tax return.</P> <P>In general, taxpayers without an eligible Social Security number are not eligible for the payment. However, this law allows for married taxpayers filing jointly where one spouse has a Social Security number and one spouse does not, to be eligible for a payment of $600, in addition to $600 per child with a Social Security number.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse7" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Why is the info provided by TurboTax different from the info on the IRS website?</A></H3> <DIV id="collapse7" class="section collapse"> <P>You may have noticed that&nbsp;<SPAN style="font-weight: 400;">some of the information on the TurboTax websites is different from the IRS website.</SPAN></P> <P>We have&nbsp;<SPAN style="font-weight: 400;">dedicated teams working tirelessly with the IRS and updating our websites with the latest information as it becomes available. The IRS may simply need more time updating their website.</SPAN></P> </DIV> <H1>Troubleshoot common questions</H1> <H3> <A data-toggle="collapse" href="#collapse9" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I didn’t get my second stimulus check?</A></H3> <DIV id="collapse9" class="section collapse"> <P>We are happy to share that stimulus payments for those impacted by an IRS error will begin to be deposited starting January 8th. We expect most payments to be available that day, but your bank could take a few business days to process. Your payment will be deposited into the same bank account where you received your 2019 tax refund.</P> <P>We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay.</P> <P>We appreciate your patience as these payments are processed. This update may not immediately be reflected in the IRS <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">Get my Payment</A> tool.</P> <P>Find out more about payment timing <A href="https://ttlc.intuit.com/community/internal-revenue-service/help/why-haven-t-i-received-my-second-stimulus-check/00/1781860" target="_blank">here</A>.</P> <P>For general stimulus information, you can visit our <A href="https://turbotax.intuit.com/coronavirus/" target="_blank">Stimulus Tax Center</A>.</P> <P>For additional information about stimulus payments, including eligibility, payment timing and distribution details, the IRS urges people to visit <A href="https://www.irs.gov/" target="_blank" rel="nofollow">IRS.gov</A> for the most up to date information.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse10" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I didn’t get a first stimulus payment or it wasn’t the right amount?</A></H3> <DIV id="collapse10" class="section collapse"> <P>If you don’t receive the correct amount of stimulus payment, you can claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have. TurboTax will guide you through this to make sure you get every dollar you deserve.</P> <P>We suggest that you save your IRS letter-Notice 1444 which is mailed after the IRS provides you with a stimulus payment. You can use that info when you file your 2020 return to make sure you’ve received the amount you deserve. If your stimulus payments weren’t correct, you may receive the funds as a credit which can add to your refund.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse11" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if I need to change bank account info or mailing address? What if it went to the wrong account or wrong address?</A></H3> <DIV id="collapse11" class="section collapse"> <P>We do not expect a way for you to update your bank account or mailing address with the IRS for this round of stimulus payments.</P> <P>If your bank information is invalid or the bank account has been closed, the bank will reject the deposit and the IRS will mail your payment to the most recent address they have on file. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time.</P> <P>If you received your refund on a Turbo Card, this stimulus payment may also go to the same account.</P> <P>You can check the status of your stimulus check at the <A href="https://www.irs.gov/coronavirus/get-my-payment" target="_blank" rel="nofollow">IRS Get My Payment</A> tool.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse12" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Can I update my income and dependent information?</A></H3> <DIV id="collapse12" class="section collapse"> <P>The IRS will use your information from your 2019 tax return (or 2018 if you did not file last year). If you don’t receive the correct amount of stimulus payment, you can claim the <A href="https://www.irs.gov/newsroom/recovery-rebate-credit" target="_blank" rel="nofollow">Recovery Rebate Credit</A> when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have.</P> <P>We suggest that you save your IRS letter-Notice 1444 which is mailed after the IRS provides you with a stimulus payment. You can use that info when you file your 2020 return to make sure you’ve received the amount you deserve. If your stimulus payments weren’t correct, you may receive the funds as a credit which can add to your refund.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse13" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>What if it goes on my Turbo Card? What if I don’t have my Turbo Card anymore?</A></H3> <DIV id="collapse13" class="section collapse"> <P>If you have your card, you can use it anywhere Visa debit is accepted in the U.S. You can also withdraw your stimulus money at more than 19,000 fee-free ATMs across all 50 states.</P> <P>If you received your stimulus on your Turbo card and need a replacement card, we can help you get a new one.</P> <UL> <LI>If your address has not changed in the last year, you can get one through the automated phone system by calling (888) 285-4169.</LI> <LI>If your address has changed, you will need to talk to a live agent to get a replacement card sent to your current address by calling (888) 285-4169.</LI> </UL> </DIV> <H1>Tax implications</H1> <H3> <A data-toggle="collapse" href="#collapse15" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>Will I owe taxes on my stimulus payment?</A></H3> <DIV id="collapse15" class="section collapse"> <P>No. The Economic Impact Payments (both the first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits.</P> </DIV> <H3> <A data-toggle="collapse" href="#collapse16" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>How does the new law affect my Earned Income Tax Credit?</A></H3> <DIV id="collapse16" class="section collapse"> <P>There is a special temporary rule allowing individuals to use their earned income from tax year 2019 to determine their eligibility and amount of Earned Income Tax Credit and the refundable portion of the Child Tax Credit (i.e., the Additional Child Tax Credit) in the 2020 tax year. TurboTax will help you to do this when you file your 2020 tax return this year.</P> </DIV> <P>Check out the <A href="https://blog.turbotax.intuit.com/tax-news/new-coronavirus-relief-package-passed-what-does-it-mean-for-you-and-a-second-stimulus-check-48557/" target="_blank">TurboTax Blog</A> to learn about what else is included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. Or visit the TurboTax <A href="https://turbotax.intuit.com/coronavirus/" target="_blank">Coronavirus Tax Center</A> for more info.</P>
</description>
<pubDate>Fri, 08 Jan 2021 19:39:19 GMT</pubDate>
<dc:creator>TurboTax Help</dc:creator>
<dc:date>2021-01-08T19:39:19Z</dc:date>
<item>
<title>How will the second stimulus impact me?</title>
<link>
https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#M7266
</link>
<description>
The IRS recently began issuing a second round of stimulus payments to those eligible. Unfortunately, because of an IRS error, millions of payments were sent to the wrong accounts and some may not have received their stimulus payment. Depending on your situation, you could get up to $600 per individual, plus $600 per qualifying child. The IRS will look at your most recent information on file—likely your 2019 tax return—and disburse your payment either by direct deposit, check or debit card. Rest assured that these stimulus payments (both first and second) are not considered income, and therefore are not taxable. They won’t reduce your refund or increase what you owe when you file your taxes this year. They also won’t affect your eligibility for any federal government assistance or benefits. Second stimulus payments How much is the second stimulus check? If your adjusted gross income (AGI) is below, $75,000 for individuals $112,500 for heads of household $150,000 for married, joint filers you should receive $600 per individual plus $600 per qualifying child. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means: An individual without children will not receive any payment if their A...
</description>
<pubDate>Fri, 08 Jan 2021 19:39:19 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/01/1393859#M7266
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<dc:creator>TurboTax Help</dc:creator>
<dc:date>2021-01-08T19:39:19Z</dc:date>
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