2nd Stimulus Check Date/Year to Report

[flowergirl89]

I did receive my 2nd Stimulus check of $600 via Direct Deposit; however, the date that it actually posted to my bank account was January 4 2021.  So, should I go ahead and put that amount in the "second-round stimulus payment" box in TurboTax, even though is didn't actually post until 2021, or should I leave it at 0?  If I leave it at 0, my refund increases $600 and I'm concerned that I will have to pay it back.

[AlanT222]

Yes, you must put that amount in the second stimulus payment section.  Even though you did not receive it until January 4, 2021, it still counts as the second stimulus payment.  If you do not indicate that you received it, you will have to pay back the money you should not have received with your refund.  

[flowergirl89]

Thank you!!  That is what I thought, but wasn't for sure.

[matthewfabry]

I had the exact same question and did not include my 2nd stimulus for the same reason. Do I need to file an amendment? It is taking way longer than usual to get my Federal Return back so I assume something is being reviewed. Is it possible and hopefully they will check and see that I received the 2nd stimulus and will adjust my return? 

[JamesG1]

If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, we do not know what approach the IRS will take in your situation.

I would expect the IRS to scrutinize stimulus payments that were issued against the tax returns that claim the Recovery Rebate Credit (RRC).  This is what the IRS calls the stimulus payments that are issued through the 2020 Federal tax return.

The IRS may be able to correct your tax return and your refund much like it corrects tax returns and refunds which misstate Federal withholding tax.  

When we receive direction from the IRS, it will be reported at the TurboTax COVID Tax Center and the IRS Economic Impact Payment Center.

The IRS says that it will issue 9 out of 10 refunds to taxpayers in less than 21 days.

[matthewfabry]

Ok, thanks. At this point it just says "accepted" and I have not received a refund yet but the state return came back already which is never the case. So I just need to wait it out for now, correct? I appreciate this assistance. 

[Cynthiad66]

The deadline for registration to review and update the Recovery Rebate Credit portion of your 2020 tax return before it is sent to the IRS when they open on February 12th was February 6th.

There are procedures in place to review returns to ensure that the 2nd Stiulus has not been issued.  However, if you should receive the $600 again, contact us or  you will receive a notice about next steps.  Don't worry, most likely your refund will be accurate.

[matthewfabry]

As of today I have not received a thing. It still just says "accepted." However, should I file an amended return or can I even do that at this point? Does the IRS have to kick it back before I can file an amended return?

[Irene2805]

Do NOT file an amended return.  In order to file an amended return, you would have to wait until the IRS accepts or rejects your return AND you have received your refund or your balance due payment has been processed.

Just wait -- The IRS is most likely matching stimulus payments issued with the information on the return and making the adjustment in your refund.

@matthewfabry

[matthewfabry]

Ok, thank you. So, since it's accepted at this point I will now either receive the refund or they will reject it?

[DianeW777]

Once the IRS does the reconciliation you will receive any amounts you are entitled to. Delays are expected due to the volume of changes and actions required on their part this year. Your return will not be rejected once it has been accepted, however they will make the necessary adjustments based on their records of your stimulus payments before your return was filed.

Using the Get My Payment  link will show you what they have on file for you - Select the button Get My Payment to see your information.