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When you prepare your tax return for 2020 in TurboTax, you will be prompted to enter how much you received for your stimulus and then the program will calculate the amount of stimulus due you based on your income, number of dependents and payments already received. If any additional stimulus is due you, it will be used to reduce your 2020 income tax liability, and the balance will be refunded to you.
You will see the options when you are done entering your tax information and proceed to the review process.
You can file a tax return in 2020 to get your stimulus check, even if you aren't required to otherwise.
Hey Thomas,
I apologize, I think my question may have been poorly worded. Let me try again.
I submitted my 2020 tax return and listed that I had NOT received a $600 stimulus check. However, I DID receive my stimulus check after speaking with my bank, so the filing was made in error. How do I go back and amend that detail, so I do not get flagged or receive an improper return?
Thank you so much
The Economic Recovery Credit is calculated based on the number of children under 17 years old. The form have 2 specific questions on line 18 and 19: How much was EIP1 received, if you're married enter $2,400; second question was How much was EIP2, enter $1.200, if married. If you accidentally bypass those questions, no worries. The IRS will reconcile and will do the adjustment. Under American Rescue Plan signed in 3/21/2021, most taxpayers received the 3rd Economic IImpact Payment or stimulus.
I have this same issue, and this does not really answer the question. How do I let them know that my initial return was incorrect? I have received a letter from the IRS that basically said, "Hey dummy, we direct desposited your second stimulus." So my filing is wrong by $1200.
You don't have to do anything. The IRS should adjust your original return. They know they sent it to you. Was there 1,200 on 1040 line 30? They will deduct it from your refund of send you a bill.
Gotcha. Thank you!
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