TurboTax will let you update your return for the Recovery Rebate Credit, but beware that you only have until Feb. 6th (tomorrow) to make the change. See the following for information:
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.
TurboTax will let you update your return for the Recovery Rebate Credit, but beware that you only have until Feb. 6th (tomorrow) to make the change. See the following for information:
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.
The article states that you need to register by the 6th and then Turbo Tax will send an email on the 8th (today) letting you know how to review, update and re-file. Has anyone received the email yet? I registered, but have not received an email with instructions. Thank you.
The deadline to recover your return and make changes was February 6. We do not yet know how the IRS will resolve this. You will be contacted if anything needs to be done on your part.
As of 4pm Eastern, NO I have yet to get my return back either...
If you have claimed the Recovery Rebate credit on your tax return and later received the stimulus check, you can return to the TurboTax program to make adjustment without amending.
To see instructions how to do that, 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
Not sure what this "expert" is on about since the link just takes you to the page telling you that you will receive the email by the 8th. Its now after 7pm my local time and I have yet to receive any email from turbotax so it feels like I've been mislead and will have to deal with the penalty for filing my taxes through them early like I have for the last 8yrs by having them held up by the IRS since I just got my "stimulus" on the 4th.
These emails are sent out in waves. If you signed up for the email, you should get one. Please be sure to check your junk/spam folder for the email in addition to your inbox. If you do not receive the email by the end of the day, please let us know so we can look into this further.
What time is considered end of the day for you? It is 8:47 pm and I still have not received an email.
If you still have not received your email yet, please reach out to our customer service representatives for further assistance with this. Here's how you can reach someone: Contact TurboTax
I finally received the email around 10:40 PM ET last night and I was able to review and make changes to my tax return. Thank you.
I called and spoke to a rep and he told me that it is a delay in getting all the emails out on the 8th, something to do with the irs! He said that everyone should receive them in 24-48 hours up until the 11th of Feb.. Dont know how true this is because was told so many different stories today alone! Smh
I got my email at 10 till midnight last night. In reply to one of the responses I don't understand why they would say it was because of the IRS or how they would have anything to do with to begin with if its never been turned into them in the first place or so we are told. If they cant be turned over to the IRS until the 12th wouldn't that mean its sitting in turbos system waiting and they could have made this whole situation much easier on everyone.
I am still trying to get to the truth that this rep has told me. The gentleman said it does not matter when you signed up for it. The email goes out in waves. I myself only know of one person that the email was sent out to which was on the 8th. I don't understand how some folks received the email and others didn't . I am on the phone with a supervisor. Hopefully he or she should have more information and to collaborate what the representative has told me
All you can do is keep checking the status of your return for now. Some returns were eligible for review, but not all of them. If you get a refund for the recovery rebate and receive the payment later, you would need to file an amended return. Amending is necessary when you claimed credits (recovery rebate) that you are not eligible for.
The IRS is not accepting tax returns until Feb 12th. If you have already submitted your return, you will notice that you can't make changes because your return is pending. If you receive a stimulus payment while your return is being processed, wait until your return gets rejected or accepted. If it gets rejected, you can make the change on your return before you re-submit the return. If it gets accepted, wait until your return is fully processed and you have received your refund. If the IRS adjusts your return, you don't have to do anything. But if they don't adjust it and you got the payment and claimed the rebate, it is then that you would need to file an amended return. So, you are not going to know if you need to do the amendment until around the end of February. @chartuck
This will be helpful for those of us who don't get the opportunity to make changes before TT submits returns to the IRS on the 12th, but I am still hoping I will be able to make the change before the 12th. I also signed up to review and modify but have not received the instructions expected on the 8th.
Does TT need to take some action to "return" my pending tax return for review and modification? Is that what will trigger the email to me?
Would it be possible to post the email instructions in this discussion?
This is what I got after I got a notification that my return was rejected. I'm not sure if it will be of any use if its not been rejected yet though
Dear TurboTax Customer,
Your 2020 Tax Return has been rejected, so that you can review the Recovery Rebate Credit section of your return.
To do this, please follow the instructions below to go through the Federal Review section of your return and verify your stimulus information.
If you're using the CD/download version of TurboTax:
If you're using the online version of TurboTax:
Thank you for using TurboTax!
If you submitted the form prior to Feb 6th and your return was eligible for review, you may see a rejection notice before the 12th. The rejection is what unlocks the return and puts it back into a ''preparation'' stage. TurboTax can do that on some returns, but not all. If your return gets rejected today or anytime before it gets accepted, you will be able to edit the recovery rebate form.
If it does not get rejected, the IRS will process it. If they adjust it (sometimes they do, sometimes they don't), you won't have to do anything. If they don't adjust it, you will be able to e-file an amended return to correct it. But you are not going to know until it is processed.
So, at this point, keep checking the status until you see a rejection notice or acceptance notice.
I've already claimed the Recovery Rebate Credit. How can I review and update my 2020 tax return?
for the 2021 Taxes how can I change my answer to the stimulus question...
To change your stimulus answer, click Federal>>Final Review and then click through until you come to the question asking if you received your stimulus payment.
I have TurboTax Home and Business. When I click Federal Review it does not present me with the chance to change my answer. I also thought about deleting the return and starting over but, none of the help responses I have seen provide me with the right steps to do that either. I need help to either figure out why I can't change the stimulus answer from no to yes or how can I delete this return.... nothing out here is working and I've spent hours trying to find it.
@duncanjstacy Using the TurboTax Home & Business edition you should be able to click on Personal and then click on Other Tax Situations. Scroll to the bottom of the page and click on Done with Other. The next screen should be the one where you are asked about the stimulus payments.
The only way to delete the return is to delete the tax data file for the tax return. The tax data files and any saved PDF's of the returns are stored by default in the Documents directory in the TurboTax folder.