If I wait to file until the potential $1400 stimul...
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ronan417
New Member

If I wait to file until the potential $1400 stimulus is passed can I also claim that on the recovery rebate credit even though it was passed in 2021?

I filed my tax amendment in May of 2020 and it just started processing so I am not counting on that being processed in time. I also fear if I file my taxes early, I won't claim the $1400 and then my tax return will be processed too late causing me to miss out on that until the following year.
3 Replies
xmasbaby0
Level 15

If I wait to file until the potential $1400 stimulus is passed can I also claim that on the recovery rebate credit even though it was passed in 2021?

No one knows.   There has not been a third stimulus passed by Congress.  We do not know if or when it will happen.  And we really really do not know how the IRS will have to handle it if they do it in mid tax season.  

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
ronan417
New Member

If I wait to file until the potential $1400 stimulus is passed can I also claim that on the recovery rebate credit even though it was passed in 2021?

How much of a delay do you believe is going to be expected if you file taxes normally this year?

Opus 17
Level 15

If I wait to file until the potential $1400 stimulus is passed can I also claim that on the recovery rebate credit even though it was passed in 2021?


@ronan417 wrote:

How much of a delay do you believe is going to be expected if you file taxes normally this year?


So far, the IRS has delayed the start of tax processing until February 12.

 

If Congress passes a new stimulus that is added to the 2020 tax return, or if Congress forces the IRS to make a third round of payments instead of processing tax returns, who know how long it will take.  The IRS computer system is 50 years old and every attempt to update it in the past has ended in bureaucratic failure.  (Do you know anyone who can program in COBOL?  They can probably get a good job in Washington this year.)  

 

I would guess that if Congress passes a new stimulus that must be paid now, or can be claimed on a 2020 tax return, it will shut down all tax return processing for at least a month from that date, and delay refund payments indefinitely for anyone who filed before the approval of a third stimulus.  Hopefully if there is a third stimulus it will at least be part of 2021's tax return and not 2020. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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