Will the irs send me a form to file for the first stimulus check. And do I have to wait until I get my w-2 to file my 2020 taxes?

Forum|Forum|5 years ago
January 4, 2021
1 reply
0 views

No text available

TurboTax Online

DJS

How can I get my missed stimulus payment?

The first direct payment was made summer of 2020 and allowed qualifying individuals to get up to $1,200, married couples filing jointly up to $2,400 plus $500 for every child under the age of 17.

Many people didn't receive their payment because incorrect or outdated banking information or addresses were on file.

That stimulus payment was essentially an advance on your 2020 tax credit, so if you qualified but never received your payment, you can still get it. You just need to claim it on your tax filing for 2020.

As for filing prior to getting your W2, you should receive your W2 by the end of January and it wouldn't be a good idea to file before then as you may not have all the correct information. Also, The IRS will only start processing most returns on January 20, 2020, but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until mid-February 2020.

Answers are correct to the best of my ability but do not constitute legal or tax advice.**If this post is helpful please click on "thumbs up"**

xmasbaby0

And....We know that the IRS is already revising the 2020 Form 1040 to include the 2nd stimulus, but that change will entail a lot of re-programing at the IRS and for the tax software programs. It may be at least a month — or longer— before the forms are changed. Do NOT be in a hurry to file your 2020 tax return until more is known. Give some extra time to the IRS and the software programmers so that the software can handle the new 2nd stimulus, so that you can get it all by filing ONE time. You will need to visit the recovery rebate section AFTER the form and software revisions are complete in order to do this correctly. It is never a good idea to file too early; filing your 2020 return too soon may result in a lot of extra confusion that can be avoided if you wait and file a little later.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**