I received my second stimulus by mail after I filed my 2020 taxes. Should I amend?

[Corrierasmussen]

I never received my second stimulus check because my bank account was closed. I filed my taxes at the end of January and I selected that I didn’t get the second stimulus (which, for what it’s worth, didn’t receive full payments on either check because of my dependents). I received a paper stimulus check in my mail on feb 5. So now I’m not sure what I should do, leave my tax return alone and see what happens or should I file an ammended return immediately or is it possible I could get in legal trouble if I cash the check after saying I didn’t get it?
anyway I hope someone has the answer because I’d really like to cash it but I don’t want my tax refund to be badly effected either. 

[DanaB27]

If you have already filed your return you have the option to "recall" your filed tax return if you sign up by today.

If you want to review and update your 2020 return, please enter your information here by February 6, to have your 2020 tax return sent back to you.  You will then receive an email from TurboTax on February 8, letting you know that your return is available and providing you with detailed instructions on how to review, update and re-file your tax return.

Other than that you will need to wait and see if your return gets accepted or rejected. Please be aware that the IRS currently won't start processing returns until February 12, 2021.

• If your return will be rejected by the IRS, then all you have to do is make the changes on your return and refile.
• If your return gets accepted you will have to wait and see if you receive your refund that includes the additional credit. If yes then you will need to amend your return and send the funds back to the IRS. Please see  FAQ How to amend a tax return for instructions.
   
  But the IRS has not addressed the details yet. They will not open until February 12 and you would not be able to amend until that time and in the meantime, the IRS may establish a guideline. Please see this IRS Recovery Rebate Credit for more information.

[Keeses]

If you receive a check in Feb of 2021, are you supposed to file that under 2020's tax return.  That doesn't seem right.

[VolvoGirl]

Yes it is an Advance on your 2020 return.  Enter  the second Stimulus payment on your 2020 return now.  The year you got it doesn't matter.  If you don't report it Turbo Tax will give it to you again, which would be wrong and double.  The Stimulus entry screen says the second one is between Dec 2020 and Jan 2021 so you should include January and Feb too.

[Anonymous]

I had this same problem and thankfully saw this thread before it was too late! I'm still waiting on that email from Turbotax though letting me know how to edit my refund so I can remove the stimulus. No clue when I should expect this, its already 5pm EST now.

Help, anyone!?

[WendyN2]

From what I understand, these will continue to go out until closing of day today Pacific Time so you might not see anything until very late this evening if you are EST located. With respect to potential need to amend, no, you are not required to amend your return. The IRS stated today, Jan 8th, 2021 that amended returns will not be required for this "overlap" in timing.

[Anonymous]

I am currently on phone with a Turbo Tax representative and he tells me he has no idea as to what I’m talking about! This has me concerned???

[LinaJ2020]

You do not need to amend your return.  You can return to TurboTax program and make adjustment.  To see instructions, click here: Recover Rebate Credit update

The Recovery Rebate Credit is a credit that was authorized by the CARES Act.  If you were eligible for an Economic Impact payment, commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. To learn more, click here: Recovery Rebate Credit

@Corrierasmussen

[Opus 17]

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@LinaJ2020 wrote:

You do not need to amend your return.  You can return to TurboTax program and make adjustment.  To see instructions, click here: Recover Rebate Credit update

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Lina, the containment article has been rewritten to indicate that the last day to be able to recall your tax return was February 6. 

@Anonymous we don't know what happens next.  The IRS has legal authority to correct recovery rebate errors as math mistakes, meaning they don't have to contact you to fix it.  However, there are still 3 possibilities.

1. The IRS automatically adjusts your refund amount.  This may delay your refund, however, since it will kick your return out of the fast track.

2. The IRS might reject your return when they open for e-filing.  This might be best because then you can correct the return before re-transmitting it.

3. The IRS might pay the entire refund you claimed, including the excess rebate, and then bill you for the return of the excess rebate later.

I personally think #1 is most likely, but we won't know until the IRS actually starts tackling this problem and we get some experience in how they handle it. 

[Anonymous]

@WendyN2 

Thank you. I've been on hold currently for 18 mins with a new TurboTax employee who had no idea as to what I'm talking about??  I did fill out the form before Feb 6.  I'm in EST so like you said, I may get one later on in the night because of the time. Still has me concerned??

[Opus 17]

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@Anonymous wrote:

@WendyN2 

Thank you. I've been on hold currently for 18 mins with a new TurboTax employee who had no idea as to what I'm talking about??  I did fill out the form before Feb 6.  I'm in EST so like you said, I may get one later on in the night because of the time. Still has me concerned??

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I can't tell you more.  Turbotax has never before offered customers the ability to recall an e-filed return, so this is new to all of us.  If you do get your tax return back, you would simply go to the Federal Review section, correct your entries in the stimulus payment boxes, and then go to the File page and run through the steps to re-transmit your returns. 

It's certainly possible that it will take some time to work through all the returns, and Turbotax is in Arizona, I believe.  

You can also try logging into your account later tonight and see if you get a message.  If your tax return is returned to you for correction, your status would show as not filed yet, instead of e-file is "pending".  But it would be dangerous to make changes to your file if it has not been recalled to you, so I would wait and see what happens.  The IRS doesn't officially open e-filing until Friday, so even if it takes a day or two for Turbotax to send back every return that was requested, you won't miss any time at the IRS. 

[WendyN2]

If you're asking if you should still be concerned, I would not be. You will be all set! For this particular situation, anyway as I can't speak for any other potential ones! Always here for any questions!