It depends. If you did not get a first or second round stimulus payment because you did not qualify due to the last tax return filed, and now you qualify due to a change in circumstance, then you will get a Recovery Rebate Credit. The Recovery Rebate Credit is calculated into your overall tax refund and will either increase a refund or decrease the amount of tax owed.
To qualify, you must:
- Be a US citizen or resident alien.
- Not be claimed as a dependent on someone else's tax return.
- Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced.
It is recommended that you first enter all your income and deductions on your return so the correct amount of the tax credit is correct. This will be important if your situation has changed in 2020 since your stimulus was based on the last tax return you filed.
Then, please follow these steps to get to the recovery rebate form:
- With your return open, search for stimulus with the magnifying glass tool on the top of the page.
- Select the Jump to Stimulus in the search results to directly go to correct TurboTax page.
- If you did not get the first and/or second round stimulus payment, make sure to enter 0.
Once complete, TurboTax will inform you if you qualify for the Recovery Rebate Credit.
If you received the full amount of both payments, you should not be receiving anything for the recovery rebate. However, your recovery rebate will be on Line 30, not line 33. Line 33 should have a number, but it is a total of all your tax payments and credits. Double-check Line 30.
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Since you already filed your return, you may get the stimulus amounts on Lines 30 and 32 as part of your refund. A lot of people filed returns with amounts on Line 30 and then received their stimulus payment.
Once you filed the return it is like dropping it into the mailbox. The only way you could get it back is if the IRS rejects it when they begin taking returns after February 12.
The IRS has not indicated how they will handle these situations. I believe that there will be a process to double check before they issue returns that include stimulus payments. But that is just my guess.
The worst case scenario is that they issue the refund and then ask for the stimulus payment amount back. Once again, I don't believe that will happen. I am sure there will be updates to this after February 12.