Recovery Rebate Credit - Where to enter in TT 2020

[esarnc]

Although we were eligible, we (married filed jointly) did not receive the 1st stimulus $. I read from IRS web site that if one did not receive the stimulus $, they can claim that amount as Recovery Rebate Credit in 2020 return. Where in Turbo Tax 2020, I enter this info?

[xmasbaby0]

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check this year, you can get it when you file your 2020 return in early 2021—if you are eligible.It will end up on line 30 of your 2020 Form 1040.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-...

[esarnc]

Thank you for the quick reply. I have installed Turbo Tax 2020 and doing some preliminary tax calculations. I do not see a prompt or entry where I will enter the amount of stimulus that I am eligible for but did not receive as Recovery Rebate Credit in the program. Will this be an update to Turbo Tax 2020 at a later time in early 2021?

[Critter-3]

Just follow the interview ... everyone will see this screen in the Federal Review tab ...

The question about the amount you got in the advance stimulus payment doesn’t happen until the END of the interview.  By then the program has already calculated the credit and has included the amount in the refund meter you see at the top of the screen.   UNTIL you get to that screen where you can indicate how much you actually got in the ADVANCE payment the program cannot know what the correct amount really is.  So once you enter in that amount the program adjusts the credit accordingly depending on how much you already got and the refund meter will change appropriately.  

[reno112]

I'm using tubo tax 2020 basic and I have completed all the way through to the review and this doesn't show up.  I reviewed the print pdf and can see the question on line 30 of the 1040 but am unable to input anything.  Will this be cleared up on an update?

[xmasbaby0]

We know that the IRS is already revising the 2020 Form 1040 to include the 2nd stimulus, but that change will entail a lot of re-programing at the IRS and for the tax software programs.  It may be at least a month — or longer— before the forms are changed.  Do NOT be in a hurry to file your 2020 tax return until more is known. Give some extra time to the IRS and the software programmers so that the software can handle the new 2nd stimulus, so that you can get it all by filing ONE time.   It is never a good idea to file early, and it would be especially foolish to file an early 2020 return.

[reno112]

I'm not trying to file early, I'm just trying figure out if I will get the March stimulus as I missed it due to spouse having an ITIN.  Sure don't appreciate being called foolish.

[xmasbaby0]

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check this year, you can get it when you file your 2020 return in early 2021—if you are eligible.It will end up on line 30 of your 2020 Form 1040.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-...

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

See this information from the IRS:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

[NCperson]

@reno112 - just so we are all on the same page....

1) Currently, TT has the 'old rules'  built in for the stimulus. For the CARES Act (and I am sure you know this), if your spouse had an ITIN, neither of you were eligible for stimulus.  So currently, that is what TT is spitting out. 

2) But the tax law of last week (and I am sure you know this too), changed that rule, retroactive to the 1st stimulus payment.  So now you are eligible for both stimulus payments (even though your spouse remains ineligible). But Turbo Tax does not have that rule built in yet.

So all we are suggesting on these boards is before you file your tax return, WAIT until you are confident that Turbo Tax has been updated to reflect the new rules and I see you know to look at Line 30 for the stimulus 'settle up'. 

The Good News is that the IRS published the new worksheet yesterday so that the Turbo Tax software people can begin to program in what Congress passed last week.

Does that help? 

[reno112]

As in my original post, my question to turbo tax is why don't I see where to input the information concerning the first stimulus payment as it's shown in "critter-3"'s post above? Is my downloaded version corrupt/or not being updated?  I'm fully aware that I'm eligible and should get it when I file but currently the question "How did you and Sss get your 2020 stimulus payment?" at the federal review portion of the form does not appear.  Again I'm asking where to enter in TT 2020 that I did not receive the credit in March.  Perhaps someone else has the correct information I'm looking for.

[reno112]

Yes I agree with that, I just wanted to make sure my downloaded TT 2020 is correct as I don't see the same thing that others see.

[NCperson]

Ah, I see now what you are asking... that screen may not be presenting itself because it knows your spouse has an ITIN and based on the old rules you are not eligible... 

to test that so you are confident you don't have anything corrupted, change your spouse's ITIN to a social security number and go through that area of the interview again.. Does the screen appear this time? I bet it does! 

[reno112]

You're correct, it did appear after I changed the first number of spouse's ITIN the screen did appear, and of course when I change it back it disappears again.  Will wait for the IRS and Turbo Tax to update as it's my understanding that I should be able to file married filing jointly and receive the credit for myself as I have a SSN.   

[Critter-3]

The form 1040 will have to be updated for the new tax rules associated with the second stimulus check and since the IRS will not start processing returns until 1/27 there is time to wait for the program to be fully updated.  Patience is the name of the game again this year as everyone tries to get the impossible done in trying times. 

[NCperson]

that is my understanding as well.... this is the new worksheet that the IRS has published.... if you are "a glutton for punishment", you can do the sheet manually so you can see what is going to occur once TT programs it. 

see instruction page 59/ pdf page 60 of the link below 

https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf