I filed my taxes on Jan 7th, 21. I hadn’t received my second stimulus payment at that point, so I reported that when asked on my taxes and the $1200 was added to my refund amount. Well, I received the stimulus payment the next day in my bank account. What do I do now? Can I edit those details on my return since my taxes won’t be accepted by the IRS until late January? I don’t want my actual refund to be kicked back/delayed.
1) do not spend the money that was direct deposited into your bank account under any circumstances!
2) wait for the refund and see how the IRS figures this out. They may reduce your refund if they realize you actually received the 2nd stimulus. In effect, your response to the 2nd stimulus payment on your tax return is incorrect.
3) Assume your refund will be delayed. Be patient and give it time - frankly, it could be months - no one knows - but assume the worst.
4) if they reduce the refund by the amount of the 2nd stimulus, then all is good as you can spend the money already direct deposited.
5) if they do not reduce the refund, look for instructions on the IRS website on how to return money - you want to do that FAST to avoid penalties and interest and a potential audit!!!
but for now, all you can do it wait and see what happens.
@VolvoGirl - anything to add or different advise? we knew we'd see these....
How did you 'file' already?
and did you get your w-2 already? do not use the paystub to file your taxes
lesson learned: never rush to file so early in January. The IRS doesn't accept returns until late January in any event!!!
I filed already because my employer always gets our w2’s to us within the first week or two in January. I’ve never had a problem and always file early. Of course this year is different with the stimulus, so I won’t take it as a usual “lesson learned” because it’s not a common occurrence.
I’m fully aware that the IRS doesn’t accept returns until late January (as stated in my original post). It’s a personal preference.
Did you have any helpful advice related to the issue at hand?
1) do not spend the money that was direct deposited into your bank account under any circumstances!
2) wait for the refund and see how the IRS figures this out. They may reduce your refund if they realize you actually received the 2nd stimulus. In effect, your response to the 2nd stimulus payment on your tax return is incorrect.
3) Assume your refund will be delayed. Be patient and give it time - frankly, it could be months - no one knows - but assume the worst.
4) if they reduce the refund by the amount of the 2nd stimulus, then all is good as you can spend the money already direct deposited.
5) if they do not reduce the refund, look for instructions on the IRS website on how to return money - you want to do that FAST to avoid penalties and interest and a potential audit!!!
but for now, all you can do it wait and see what happens.
@VolvoGirl - anything to add or different advise? we knew we'd see these....
Ok ... first there is NOTHING you can so since you filed the return with incorrect info on it and the return is pending acceptance or rejection.
If the IRS rejects the return then you can make the correction and resend the return.
If the IRS accepts the return for processing then all you can do is WAIT for them to catch the mistake which they will probably do but this will delay the processing time of the return. The program told you this if you had read the screens ... here are the screens again :
Now for the check you just got ... you can cash / spend it as you like.
If for any reason the IRS doesn't catch the error and sends the incorrect refund .... then you will need to amend the return and send the excess back with the 1040X.
Thanks for your input.
I did read the screens and at the time, I was sent an email from TurboTax (prior to filing) stating that there has been an error with TurboTax customers stimulus payments and we would likely need to claim the credit in it tax returns.
Of course, a day after filing I receive the payment . I usually have this kind of luck lol so I’ll wait to be rejected and hope for only a slight delay.
@Critter-3 - my mom always said "haste makes waste" ... so here you go....
When it comes to taxes the early bird doesn't always get a worm ... many times they get the short end of a stick. No one should ever file prior to the IRS system opening up and successfully processing returns especially in a tax year where last minute law/form changes can cause major glitches. A couple of years back millions of early filers were stuck in the system for months ... some were lost altogether and had to refile.
None of our client returns are ever filed until at least 2 days after the IRS successfully opening the season and accepting returns without issues ... and our clients a happy to wait because we educate them to the draw backs of early filing.
And since returns with EIC on them (the typical early filers) will not begin to process prior to mid February there really is no good reason to file early.
how do i add the stimulus amount to my tax form. which area
The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”) If you are eligible it will end up on line 30 of your 2020 Form 1040.
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.