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That is part of the the new bill that just passed and the forms and software will be revised----patience until it is done.
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.
That is part of the the new bill that just passed and the forms and software will be revised----patience until it is done.
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.
Do you have an update on this? I just went through my return, and it allowed me to choose 2019 or 2020 for the Child Tax Credit, but keeps automatically using my 2020 for the EIC, even though we are supposed to be able to use 2019 info.
If you would like the Earned Income Credit (EIC) calculated based on your 2019 income, then you can go through the EIC screens and elect the lookback provision.
To get to the EIC interview in TurboTax, please follow the instructions below:
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