Question

recovery rebate credit worksheet

Forum|Forum|5 years ago
March 31, 2021
2 replies
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I filed my taxes 3 weeks ago. Got a refund. Now since then,the Turbotax program has updated and it says my refund is much higher. The only new question it asked me was line 19 E.I.P. 2 amount, which is 0. I didnt get one.

E.I.P. 1 was already entered,$408 I had some unemployment payments also in 2020 that were previously entered. WHY would the program say my refund is much higher now? And would I need to Amend ?

CatinaT1

Unemployment received in 2020, up to $10,200, is no longer taxable. Do not amend your return. We are waiting for guidance from the IRS on how to handle this.

I think you are referring to the Stimulus payment Recovery Rebate Credit. If you didn't receive one of the first two payments or the amount was incorrect, this is being added to your return.

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3

32BD4Author

So will the irs be adding that to my return without me doing anything? I already filed my taxes weeks ago.

Do I need to Amend to get the extra refund, for the stimulus payment recovery rebate credit?

LenaH

It depends. Did you have an amount for the Recovery Rebate Credit on Line 30 of your original 1040 return?

If so, you should not need to amend for the extra credit now due. Per the IRS, If you entered an amount on line 30 but made a mistake in calculating the amount, the IRS will calculate the correct amount of the Recovery Rebate Credit, make the correction to your tax return and continue processing your return. If a correction is needed, there may be a slight delay in processing your return and the IRS will send you a notice explaining any change made.

The only instance in which the IRS recommends you to amend is if there is no amount on Line 30 of your 1040 and you did not claim a Recovery Rebate Credit on your original return. The IRS will not calculate the 2020 Recovery Rebate Credit for you if you did not enter any amount on your original tax return.

You will not need to amend for the unemployment exclusion. An adjustment will be calculated and your refund will be issued to you automatically.

2020 Recovery Rebate Credit — Topic G: Correcting issues after the 2020 tax return is filed

How do I amend my 2020 return?

@32BD4

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3

32BD4Author

Line 30 on form 1040 original final printed return is blank. Even though irs website shows I entered stimulus check 1 $408 and check 2 $0 on the recovery rebate credit worksheet. The actual TurboTax live work sheets on my computer have been deleted. Just have the final printed copy from when I filed weeks ago.

T

ThomasM125

Your refund amount has probably been adjusted to reflect your unemployment that was taxable when your filed your return but is no longer taxable. If you didn't receive all of the first or second round stimulus payments that you were entitled to, you will have to file an amended return to get those payments most likely.

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