Thank you for your response. I did not enter the full amount of the stimulus I received (oversight) and that amount is being added to my tax refund as if I had not received it. I will be getting a much larger refund than I am entitled to. I am trying to rectify the situation. Thank you for your input though.
The Recovery Rebate Credit is the way people who were eligible for a stimulus payment, but did not receive one or received less than the amount they were due, claim their stimulus payment.
However, if you have already received the full amount of your stimulus payment and also claim the Recovery Rebate Credit on your return, this will trigger a review at the IRS that could delay the time it takes to process your return and for you to receive your tax refund.
We know how important these funds are and don’t want you to experience any delay in receiving your tax refund. Since the IRS has not opened yet, we would like to give you the opportunity to review and update the Recovery Rebate Credit portion of your 2020 tax return before they open on February 12th.
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 without the Recovery Rebate Credit.
If you do not want to review and update your 2020 return, then you're all set. No further action is required. We will securely hold your tax return and send it to the IRS when they begin accepting e-filed returns.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?Make a post