Wrong stimulus refundable tax credit (line 30 of 1040)

[veselino]

I just tried to enter data for this years return. Since my income was above the threshold last year, stimulus amount (line 30 of 1040) was supposed to include $600 for the total of $1,800 of refundable tax credit. However, Turbotax only lists the original $1,200... There does not seem to be a way to manually correct this amount... Anyone with ideas other than having to manually file the return (I would prefer not having to do this)

[SteamTrain]

You mean the second stimulus of $600 added?

Heavens, if that's the case you are really optimistic about how soon the IRS and software companies can turn on a dime.  The IRS hasn't even finished working on getting the second stimulus integrated into their 2020 tax forms yet....and then they will have to approve the Software companies forms AFTER they let the software people know how to include it.   Thus, the second stimulus isn't in ANYONE's software yet, not even the IRS's.

I expect it might be included by mid-to-late January, but that's a guess and it could be later or earlier.    You shouldn't even attempt to file before the 1st of February.    While initial expectations were that TTX "might" allow simple tax forms to be filed after the first week in January, the second stimulus was signed less than a week ago...some late changes like that can take a month to implement.   

And a few forms are not expected expected to be ready until well into February (though you may not need those).....anyhow, you appear to be rushing things that can't be rushed.

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-pe...

[NCperson · Accepted solution]

as noted, WAIT TO FILE.  This will work out.  The 2nd stimulus has to be programmed! if there was a year to wait to file, this is the one! The IRS has yet to publish the forms to accommodate the 2nd stimulus! Waiting and being sure the $1800 shows up on Line 30 will save months of headache with the IRS later! 

[ksdytsmv]

I should be getting the $600 stimulus payment from 2020 plus the $1400 stimulus from March, but my credit is only showing $1800.  Is there a way to fix this?

[DoninGA]

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@ksdytsmv wrote:

I should be getting the $600 stimulus payment from 2020 plus the $1400 stimulus from March, but my credit is only showing $1800.  Is there a way to fix this?

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The third stimulus is not on the 2020 tax return, only EIP1 ($1,200) and EIP2 ($600).

[SteamTrain]

@ksdytsmv 

Edited  : Use @DoninGA  or @NCperson   clearly stated answers.  

[NCperson]

the 3rd stimulus won't be integrated into TT2020.  it's an advance payment against 2021 - not 2020. 

everything works just like it did for the 1st two stimulus payment but one year delayed 

for the 3rd stimulus, the IRS will base the payment on 2020 tax return (if they have processed it), otherwise, they will default to 2019 information.

On your 2021 tax return, you'll do the same thing you did for 2020 - enter the payment and based on your 2021 income, if you are due more it'll be on line 30 again.  You won't be asked to return money if the IRS overpaid you stimulus.