Has this not been added to 2020 yet? I don't see anywhere that it is calculated. My understanding is it is calculated based on your 2020 income, and they just estimated it from your 2018/2019 income. I didn't get a stimulus check but had a huge income drop this year so should be eligible. Thanks
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@qofmiwok wrote:
I wasn't asking because I want to file. I was asking because I want to see how it works, and I don't see anything in TT about it. You are talking about the form being marked "not ready to file", but I can't find any form. Are you saying it has not been added yet? Is it going to be a separate form or a change to an existing form?
The calculations will be in the TurbotTax software after the IRS has approved the Form 1040 and the Form 1040 instructions.
The stimulus is on the 2020 Form 1040 Line 30 (draft) - https://www.irs.gov/pub/irs-dft/f1040--dft.pdf
The stimulus instructions for 2020 Form 1040 on page 56 (draft) - https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf#page=56
Using the TurboTax desktop editions click on Forms to view the forms, schedules and worksheets
that section will be updated before the end of January. Watch for Line 30 on the Form 1040. That is where the stimulus money will appear.
Although TurboTax may allow you to e-filed some returns as early as 1/7/20 (IF the forms in your return are ready for filing … see info below) they are NOT actually sent to the IRS. TurboTax stores those early filed returns in a holding “POOL” until the IRS opens for business and “drains the pool” for processing ... only then will you get an e-mail telling you if the return was accepted or rejected by the IRS.
Only the simplest returns can be transmitted to TurboTax early. Some forms will not be finalized until Jan 25 and some later than that.
https://ttlc.intuit.com/questions/1908854-forms-availability-table-for-turbotax-federal-products-exc...
Why does TurboTax allow early filing? Because their competitors do - It is a marketing ploy to capture market share.
Filing early with TurboTax before the IRS opens is a really BAD IDEA for many reasons...
1) If you discover something that is wrong on your return, receive a W-2 that is different, receive some other tax document that was not on the return that you filed then there is NOTHING that you can do about it other than wait to see if the IRS accepts or rejects the return after they open. If rejected you can correct and file again, but if accepted then the only remedy is to amend which can take 4 months to process.
2) You must remember to check back after the IRS opens (or check for an e-mail) to confirm that the IRS has accepted or rejected the return. If rejected, then it was never filed at all and must be corrected and re-filed. Every year many taxpayers that file early, forget to check back and only discover months later that they never actually filed because if was rejected by the IRS but they had forgotten about checking back after filing with TurboTax.
3) While the IRS does conduct some pre-opening tests and does accept some returns early (ONLY for TESTING purposes), they will not actually process those until after the official opening date. There is a reason to test and that is to discover any problems with it's systems. A couple of years ago a test went bad and several thousand "test" returns were lost. The IRS was able to recover those but it delayed refunds for some by months.
There is no real advantage to file before the IRS opens but there are several disadvantages to do so.
When will my forms be ready?
Historically, IRS tax forms start becoming available in January, with a few stragglers (most notably Form 1040X) getting finalized in February.
State tax forms can become available for filing any time between December and late February, depending on the state and the tax form.
For specific forms and dates, refer to the Forms Availability Table for your TurboTax product, see the related information below.
Can I Still Work On My Return Before My Forms are Ready?
Yes, according to the following:
Federal Taxes
You can still work on your return and finish most of it. Once your forms become available, we’ll create the forms and include all of your info.
You’ll only be able to e-file or print your return once the forms are available.
While you’re working on your return, we’ll ask if you want to receive email updates when your forms become available.
State Taxes
If your forms aren’t available, you’ll get a message asking you to return once they become available.
While you’re working on your return, you’ll have a chance to let us know you want to receive email updates when your forms become available.
Related Information:
IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products
· State Forms Availability Table for TurboTax Individual (Personal) Tax Products
· IRS Forms Availability Table for TurboTax Business
· State Forms Availability Table for TurboTax Business
· What does "Tax Form Under Construction" mean?
Click on the REVIEW tab and the program will tell you what in your return is still NOT ready and the estimated date it will be (subject to change of course ) ... you can put in for an email alert when they are ready ....
I wasn't asking because I want to file. I was asking because I want to see how it works, and I don't see anything in TT about it. You are talking about the form being marked "not ready to file", but I can't find any form. Are you saying it has not been added yet? Is it going to be a separate form or a change to an existing form?
@qofmiwok wrote:
I wasn't asking because I want to file. I was asking because I want to see how it works, and I don't see anything in TT about it. You are talking about the form being marked "not ready to file", but I can't find any form. Are you saying it has not been added yet? Is it going to be a separate form or a change to an existing form?
The calculations will be in the TurbotTax software after the IRS has approved the Form 1040 and the Form 1040 instructions.
The stimulus is on the 2020 Form 1040 Line 30 (draft) - https://www.irs.gov/pub/irs-dft/f1040--dft.pdf
The stimulus instructions for 2020 Form 1040 on page 56 (draft) - https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf#page=56
Using the TurboTax desktop editions click on Forms to view the forms, schedules and worksheets
If you mean a CARES act distribution from a retirement account:
That will require a new form - the 8915-E that is still in the draft form at the IRS and has not been released even in the paper version yet. Typically, once it is released on paper, it takes the IRS about 3-5 weeks to release the electronic specifications of the form so e-file companies like TT can program for it. (It is not unusual for new tax forms to be released in February or later.)
@qofmiwok wrote:
I wasn't asking because I want to file. I was asking because I want to see how it works, and I don't see anything in TT about it. You are talking about the form being marked "not ready to file", but I can't find any form. Are you saying it has not been added yet? Is it going to be a separate form or a change to an existing form?
It's not clear what you mean by "CARES act credit." The CARES Act has dozens of tax-related provisions. That's why you are getting replies about different things.
If you are referring to the Recovery Rebate Credit, or "stimulus payment," there is no separate form for it. It will just go on line 30 of Form 1040, as NCperson said above. But there is a worksheet that has to be used to calculate the amount to put on line 30. If TurboTax is not asking about it, it's because the IRS instructions are not yet final. TurboTax will include it sometime after the IRS issues the final instructions.
When the program is fully operational I am sure there will be a required question to answer on EVERY return like the health insurance question did a couple of years ago. Until that screen is completed the return will not be allowed to be filed.
If the question is not in the program yet it will be and if you start the return before that question is operational then in the REVIEW tab this will be an error that will need to be addressed before you can continue to the FILE tab.
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