Will TurboTax's Recovery Rebate Credit Worksheet be revised soon, to reflect the new, most recent $600/$1200 stimulus payment?

[lrjk-russell]

The current version of the Worksheet appears to address the previous CARES Act payment of $1200/$2400 from back in April/May, but does not address the latest stimulus payment approved just this past week.

[macuser_22]

It will be but give it a chance.    Software changes do not happen overnight.  The IRS must first write the new regulations and then produce the new electronic filing specifications for the change that usually takes the IRS 1-2 months.  Until TurboTax receives the new specifications there is nothing that TurboTax can do.

[xmasbaby0]

We know that the IRS is already revising the 2020 Form 1040 to include the 2nd stimulus, but that change will entail a lot of re-programing at the IRS and for the tax software programs.  It may be at least a month — or longer— before the forms are changed.  Do NOT be in a hurry to file your 2020 tax return until more is known. Give some extra time to the IRS and the software programmers so that the software can handle the new 2nd stimulus, so that you can get it all by filing ONE time.   It is never a good idea to file early, and it would be especially foolish to file an early 2020 return.

[lrjk-russell]

Makes sense, thanks.  I just wanted to make sure that the TurboTax folks are aware of the need to update the software for this issue. 

[lrjk-russell]

Thanks, that makes sense. I just wanted to make sure that the TurboTax folks are aware of the need for a software update. 

[lrjk-russell]

Good news - I see that TurboTax has already updated its software and the Recovery Rebate Credit Worksheet, to reflect the most recent $600/$1200 stimulus payment.  Much sooner update than anticipated.

[AmyC]

The IRS begins accepting returns January 25 so this was indeed a very fast update! Thank you for noticing and your kind words.

Many customers have already marked they did not receive the second payment  and now it will show up before the customers file their return. More corrections!