You can be confident that TurboTax is here to keep you informed and help you file now up until the federal tax deadline. Learn more about the coronavirus stimulus package and what it means for you here. Stimulus checks - up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child under 17 - will be based on information from your most recent tax filings, either 2019 or 2018 if you have not yet filed this season.įor those that aren’t required to file a tax return, TurboTax launched a Stimulus Registration Product to help you submit all the necessary information to the IRS so that you can quickly and easily get your money. If you’re wondering how much money you may qualify for under this relief package, TurboTax can help - just fill out the simple fields in our free stimulus calculator here to see your estimated amount. For information on the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, the second coronavirus relief package signed into law on December 27, 2020, please visit the “ New Coronavirus Relief Package: What Does it Mean for You and a Second Stimulus Check” blog postĪs part of the Coronavirus Aid, Relief and Economic Security Act (CARES) Act - a $2 trillion stimulus package that provides financial relief to individuals, families, and businesses - an advanced tax rebate, or stimulus check, will be provided to 80% of taxpayers, according to the IRS. It is a legitimate credit to take in this instance.This content is for the first coronavirus relief package, The Coronavirus Aid, Relief and Economic Security Act (The CARES Act), which was signed into law in March 2020. TurboTax Product Support: Customer service and product support hours and options vary by time of year. Certain groups of people in this category are effectively getting two third stimulus payments for $1400 each. Average Refund Amount: Sum of 3252 is the average refund American taxpayers received based upon IRS data date ending 12/30/22 and may not reflect actual refund amount received. This is an uncommon situation for taxpayers who were dependents in 2020 but became independent in 2021 as the 3rd stimulus checks were being issued. And she is completely and legally eligible for her own $1400 issued back to her in 2022 based on the 2021 Recovery Rebate Credit seen on line 30 of the 1040 form. She has her own return as an independent person. Therefore, she is NOT a dependent for tax year 2021 on my married filing jointly return. She graduated from college in December 2020 and had much higher income in 2021, she's almost 23 now in 2022, although she still lives with us. So, we received an extra $1400 3rd stimulus payment around March 2021 for our dependent. My daughter was a dependent on my wife's and my tax return in 2020. Technically, she received $0 in in stimulus in 2021. The TurboTax 2021 program prompted my daughter to confirm receipt her 3rd stimulus payment check from 2021. I just learned this here and confirmed it on the IRS website. (the same thing occurs in divorce situations where parents trade off the child in alternate years) That is the way it works and all totally legal. Since the actual is larger than the estimate, he gets $1400 on Line 30 next year. So for you, since the IRS used 2020 as the ESTIMATE ($2800) and will use the 2021 return for the ACTUAL ($1400), the estimate is larger than the actual so you won't have to return the money.įor your son, the estimate is $-0- since he was your dependent in 2020, but the actual is $1400 because he will be on his own tax return in 2021. If the ESTIMATE is greater than the actual, Line 30 will be 0 as you are not required to return the extra money. If the ACTUAL is greater than the estimate, that will show on Line 30 of the 2021 tax return. Then it uses the 2021 tax return to determine what is ACTUALLY due The IRS uses the 2020 tax return (or 2019) as the ESTIMATE of what you are due and pays out that amount. While i think you got your answer, there are unique situations where the same person gets stimulus twice.
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