Recovery Rebate Credit - Where to enter in TT 2020

[reno112]

Thank you everyone, this has all been very helpful.  Will be waiting for the update to the program.

[staleyh]

My wife and I had a child in 2020 but our stimulus payment did not include the portion for our child. When I attempted to put in the amt in turbo tax it indicates that we were given the correct amount. Will this be fixed because my economic stimulus payment should be larger to the tune of a total of $1100.00.

[NCperson]

@staleyh - first the 2nd stimulus is not programmed in yet, so that explains $600 of the $1100.  IT should be there by the time the submission window opens at the end of January.

On the child, here are two mistakes that taxpayers frequently make: Please check how you entered the child

1) when asked how long the child lived with you, you are to answer 'the whole year'... do not answer the number of months since the child was born. 

2) when asked whether THE CHILD provided more than 50% of its support expenses, you are to answer :"NO"

Post back to confirm that is correct and we can go from there. 

Also, look in the MyInfo section to see if anything else is amiss.  did YOU get your stimulus payments for yourself/ spouse??

[NCperson]

@staleyh - one other quick thing to check...your income.... depending on your 2020 income, you may not be eligible for any more.  The stimulus is based on your 2020 income and filing status LESS what you already received, but no less than zero.

if you received $2400 from the first stimulus and your income exceeds $198,000, you would not be eligible for anymore stimulus.  That math would change after the software is updated

[staleyh]

That is kind of confusing for filing taxes. LOL.

[staleyh]

it does not allow me to tell turbo tax that she has lived with me the whole year.

[NCperson]

yes it does... please go back through the interview section again; there is a question asking "how many months did your child live with you" and then there is a drop down box - scroll through that box please

what number did you otherwise put in there - that is probably the problem

[Critter-3]

[staleyh]

Nevermind I found it.

[NCperson]

@staleyh - did the rebate show up for the child???

[barrons]

What date do you think this will be updated to put the 2nd Stimulus check not received for a credit into turbotax.com.

[staleyh]

Yes it showed that I would get the $500.00. I wonder when they will have everything coded for the plus up for the stimulus. I know that it is an ever evolving situation though.

[NCperson]

@staleyh @barrons 

currently TT only is programmed for the 1st stimulus, so suggest only inputting the 1st payment for the time being

Since this affects so many people, I would be hard pressed to believe that TT won't have this updated by the time the filing window opens on Jan 27,.

TT normally updates their software over Wed. night into Thurs. Morning. 

[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. You will need to visit the recovery rebate section AFTER the form and software revisions are complete in order to do this correctly. It is never a good idea to file too early; filing your 2020 return too soon may result in a lot of extra confusion that can be avoided if you wait and file a little later.

[barrons]

Thanks