I should be getting the $600 stimulus but because I didn't have to file taxes in 2019 so they didn't direct deposit the $600 second stim like they did the first one. It says to claim it under the Recovery Rebate Credit for 2020 taxes. So, in total I should have gotten $1200 and $600 but turbo taxes programming is claiming $1200 is all I should be getting. I dont understand how Im supposed to get the second $600 stimulus if its not recognizing it.
The IRS has not yet finalized the federal tax return, Form 1040, for the 2nd stimulus payment. Until the IRS provides the necessary calculations TurboTax cannot update their software to include the 2nd stimulus payment.
Website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html
The IRS has not yet finalized the federal tax return, Form 1040, for the 2nd stimulus payment. Until the IRS provides the necessary calculations TurboTax cannot update their software to include the 2nd stimulus payment.
Website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html
Thank you! Though I was going crazy. So likely what I was doing is correct the system just hasn't been updated.
Form 1040 is shown as AVAILABLE on the link you provided which would indicate it's READY. Are you saying that 1040 is technically NOT ready? There is no listing for 1040-SR used to calculate the Recovery Rebate. As the this writing Turbo Tax still only calculates the initial $1,200.00 stimulus rebate and NOT the additional $600.00. Do you have any update on this FIX?
@ghawk1960 The Form 1040 or 1040SR is the form your tax return is prepared on when you use this software. Anything you enter here is going on a Form 1040. The only difference between Form 1040 and 1040SR is the size of the print.
Please look at your Form 1040 so you will know what you are filling out to send to the IRS:
PREVIEW 1040
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
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 in 2020, you can get it when you file your 2020 return in early 2021 The Recovery Rebate Credit will be found in the Federal Review section,
https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859
Hello,
Thank you for the response.
Unfortunately, you explained everything I already knew and did not answer my question...
Do you have an estimated timeframe when the Turbo Tax program will be updated to include the 2nd stimulus check of $600.00 into it's calculation?
It is there already. There are boxes for the first and second stimulus.
I was filling out my daughter's taxes last night using Turbo Tax Home & Business and it asked the question and it only provides 1 box not 2??
The Turbo Tax Economic Impact Worksheet only mentions $1,200.00 and not $600.00. So in the current state it CANNOT provide the additional $600.00
You are using CD/download software? Has the software been updated?
Using the CD software and the updater is not working correctly so I had to manually update TT here:
Call in for customer support.
To call TurboTax customer support
https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number
They are available from 5 a.m. to 5 p.m. Pacific time Monday-Friday
I am the original poster... The first reply was in fact correct. Under that link when I originally posted it showed the released date of the updated 1040 as DEC 7th. Two days after I went back onto the online system and resumed my taxes and it asked "Did you receive stimulus" I said $1200 and it calculated that I was short $600 like it was supposed to. It has been updated and does work. Log back in and give it a retry as mine is currently submitted with the stated $600 stimulus incoming.
Note to anyone with this issue:
The ONLINE UPDATE refused to work including the AUTOMATIC UPDATE TTAX ran on start-up.
The solution was to DISABLE my Anti-Virus software's "Active Protection" and retry the update again. Initially, the update bar (status) remained without any % movement but after 4-5 minutes it started downloading the update and asked if I would like to install it.
After installing the update TTAX restarted without any stimulus payments added so I simply continued through the "Step-by-Step" process until it came to that section which now talked about BOTH payments and not just 1 payment. After selecting NO (Did not receive stimulus) it correctly calculated $1,800.00 instead of $1,200.00 previously.
This was quite an exercise in patience with TTAX that I had not experience in my 20+ years as a user. I hope this helps someone with similar issues.