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Does anyone know how the child born in 2020 stimulus payment will be applied?

 
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Does anyone know how the child born in 2020 stimulus payment will be applied?

You will get it when you come to the federal review part of the program. 

Does anyone know how the child born in 2020 stimulus payment will be applied?

Did you add your baby under My Info?  Be sure when it asks how long your child lived with you that you pick THE WHOLE YEAR (which is acceptable for newborns) and not just the number of months.  Go back and double check that.

 

The IRS stopped mailing Stimulus checks so if you don't get it by the time the efiling opens on Feb 12  you can apply for the missing money on your 2020 return.  So don't be in a hurry to file.  Even if Turbo Tax lets you submit your return they will just hold all the returns until the IRS opens filing on Feb 12, 2021.  And a lot of people who file early find out they have to amend later like when they get their actual W2 and 1099 forms.  Or they get more forms than they were expecting.  

 

 

The Stimulus Checks are really based on your 2020 return we are filing in 2021.  So any amount you already got will be reconciled on your 2020 return line 30.  If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return.  But the good news is if they paid you too much they won't take it back.

 

There will be a screen with 2 boxes for each round.  If you didn't get one enter a 0 in the box.

 

When you go through the federal review tab it will ask how much you got if any.  Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus."

 

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

 

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

 

The Recovery rebate credit is on 1040 line 30.  It either adds to your refund or reduced a tax due.

 

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

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