When TurboTax will have the second stimulus in its 2020 Version?

Forum|Forum|5 years ago
January 5, 2021
2 replies
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I have just bought the desktop 2020 Deluxe version. I can see that TT is calculating if any tax credit is due for the first stimulus check. However, the second stimulus is not there. Just wondering, will that be included any time soon if ever? I have a newborn in 2020, and eligible to both $500+$600 extra (first+second) stimulus credits that were not paid to me by the IRS

Best answer by DoninGA

If you do not receive the second stimulus payment on or before January 15, 2021 and/or you did not receive the first stimulus payment in 2020 and you are eligible it will be entered on your federal tax return, Form 1040 on Line 30.

The Form 1040 has not been finalized and needs to updated to include the 2nd Economic Impact Payment.

There is a possibility that the Form 1040 will be updated on 01/07/2021 to include the 2nd stimulus.

See this TurboTax support FAQ for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

DoninGAAnswer

Employee

The Form 1040 has not been finalized and needs to updated to include the 2nd Economic Impact Payment.

There is a possibility that the Form 1040 will be updated on 01/07/2021 to include the 2nd stimulus.

See this TurboTax support FAQ for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

SteamTrain

Employee

....but if the second stimulus ends up being mailed to you, and that is apparently happening to many thousands or hundreds of thousands of others......you may not receive it until ~22 January (depending on Post Office and when it actually was placed in the mail by the IRS)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

NCPERSON1

@SteamTrain - receiving the payment for stimulus #2 and TT being to accommodate and calculate the 2nd stimulus are two separate events. The 2nd HAS to occur; if the 1st doesn't occur, it can be captured in the form of a credit on the tax return.

NCPERSON1

it'll be there as it impacts most every filer,. but give it to the end of the month (you can't file any earlier than the 27th in any event!).... it has only been 9 days since the tax law was passed and only 5 days since the IRS released the new forms and rules that TT has to follow (and 3 of those days were the holiday weekend!)

if there was a year to be patient and not be the 1st one to file, this would be it!