When will TurboTax be setup to include a credit for the second stimulus payment? Right now, based on the input/output calculations it is not yet equipped to handle the second, only the first.

[SusanY1]

TurboTax has been updated to reflect both payments.  If you are not seeing the option to provide both amounts in Federal Review please update your software, if using Desktop software.

• • In TurboTax for Windows, select Check for Updates from the Online menu.
  • In TurboTax for Mac, select Check for Updates from the TurboTax menu.

If you are an online TurboTax user, your software should update automatically.  However, it may be necessary to log out of TurboTax, clear your browser cache & cookies, and log back in to ensure you are seeing the most up-to-date version of the program.

You will claim the Recovery Rebate Credit in TurboTax by answering the two questions about the stimulus payments that will appear at the end of the TurboTax interview. 

The questions are in the section Federal Review.  

Once the information is entered you will see your refund increase or balance due decrease, and TurboTax will enter the amount of the credit on Line 30 of Form 1040 for you.

[SCarey1]

What happens when a 10 year child did not get the stimulus in July 2020 nor Jan 2021.  How do they enter that info on Turbo Tax.  The 2 boxes do not add up correctly.  

[KrisD15]

If the 10 year old child was claimed as a dependent on the 2019 Tax Year return, the taxpayer that claimed that child may be eligible for the additional amount of the stimulus payment(s). 

That taxpayer enters what was received and the TurboTax program will compute the credit. 

The credit should be the amount of the stimulus impact payment that was not received. 

If the taxpayer DID receive their portion of the payment, but not the portion attributed to the child, make sure the child met the following requirements on your 2019 return. 

ACCORDING TO THE IRS:

"Who’s considered a qualifying child? (added January 5, 2021)

A qualifying child is a child who meets the following conditions:

• Relationship to the individual who’s eligible for the payment: The child is your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, grandchild, niece, or nephew).
• Child's age: The child was under age 17 on December 31, 2019.
• Dependent of the individual who's eligible for the payment: The child was claimed as your dependent on your 2019 tax return or in the Non-Filers: Enter Payment Info Here tool.
• Child's citizenship: The child’s a U.S. citizen, U.S. national, or U.S. resident alien.
• Child's residency: The child lived with you for more than half of 2019.
• Support for child: The child didn’t provide over half of their own support for 2019.
• Child's tax return: The child doesn’t file a joint return for the year (or files it only to claim a refund of withheld income tax or estimated tax paid).

The payment will include $600 for each qualifying child listed on your 2019 tax return with a valid SSN or ATIN. "