If the third stimulus package is approved before April 15, will TurboTax update the system to claim the 3rd check credit for dependants born in 2020? Or claim it on 2021?

[MinhT1]

The third stimulus package is a project which has not yet been enacted into law and we have no details on whether it should be on the 2020 or 2021 tax return.

But rest assured that TurboTax will always timely update its program to conform with any changes in tax laws.

[adkinsjennifer]

will turbo tax fix the deposit issues before a 3rd stimulus is sent ? i have direct deposit and my account is current but because i file and paid fees i didnt receive my direct deposit and had wait for a paper check.. will this issue be fixed ??? 

[ErnieS0]

The IRS sent out the first and stimulus payments. As @MinhT1 said, we have no details how a third stimulus (if there is one) will work.

That being said, the IRS will have your most current bank information on file after you filed a 2020 income tax return. The IRS did direct some payments to incorrect accounts but took additional steps to get the second Economic Impact Payments to more eligible taxpayers.

[adkinsjennifer]

if a 3rd stimulus goes out it will most likely go by 2019 but my question is will turbo tax be correcting the direct deposit info as  they did my taxes and input the temp. account for sbtpg  onto my tax  forms ..how do i correct that ?

[Cass0317]

As stated above by MinhT1, we would not have the answers to those questions unless a 3rd stimulus is enacted into law. If it is we will get the answers to those question out in a timely manner.

[cc2247]

I already filed so if 2020 I will need to file an amended return?

[DoninGA]

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@cc2247 wrote:

I already filed so if 2020 I will need to file an amended return?

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If or when another stimulus package is signed into law, how it will be distributed will be on the IRS website - https://www.irs.gov/

[stuartboren]

Situation:

The big stimulus bill has passed to be signed soon.

We did NOT qualify for stimulus check #1 or #2 using TY19 AGI.  Our much lower TY20 AGI let us claim a $3600 credit on our TY20 return filed 3/5/21 ("accepted" but pending direct deposit).  If the IRS processes our TY20 return before #3 stimulus payment is "cut", the stimulus payment will be based on TY20 AGI and we'll get a $2800 direct deposit asap.

Question:  If  our TY20 return is still pending, and the IRS uses our TY19 AGI, would that $2800 be a credit against TY21 taxes based on our TY20 AGI or TY21 AGI, to be claimed on our TY21 return filed in 2022?  Thanks.

[SweetieJean]

We cannot answer that, as we don't know how the IRS plans to handle all this.

[stuartboren]

Thank you.  Just read an article (Kiplinger #602244, 2/27/21) saying that if #3 checks/deposits are done prior to a taxpayer's TY20 return being processed, then another "determination" will be done before 7/15/21 to determine the stimulus amount based on the actual filed/processed TY20 tax return, with an adjustment check/deposit if necessary.  I hope that's true.  But they also said "subject to change".

[JamesG1]

We do not have specific information on the income qualifications or procedures for the tax changes including a third stimulus payment because the measure has not been passed yet.  See here for the most current information on the American Rescue Plan.

IRS information updates can be found here.  TurboTax information updates can be found here.

[Daisylou1960]

I need to change my direct deposit routing number for the third stimulas package please help me 

[DoninGA]

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@Daisylou1960 wrote:

I need to change my direct deposit routing number for the third stimulas package please help me 

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After the 2020 tax return has been filed the method of receiving the tax refund cannot be changed.

The IRS has not yet issued any guidance for the third stimulus payment since the bill was just signed into law yesterday.