, turbo Tax does not receive any kind of tax refund, federal or state. If you requested to have the Turbo. Tax account fees deducted from your federal tax refund, the IRS will send the refund to a third party processor to have the fees and the service charge deducted. The third party processor will deduct the Turbo. Tax fees plus the service charge and then attempt to direct deposit the remaining refund balance into the account that you entered on your tax return.
This begs the inquiry “Can I deduct my TurboTax fees from my refund?”
Some sources claimed We offer the option to deduct your Turbo. Tax fees from your federal (not state) refund. This option is called Pay With My Refund (also known as Refund Processing Service). Your federal refund must be sufficient to cover your Turbo, and tax fees. You’ll need to e-file. Your address cannot be foreign. Form 8888 can’t be on your return.
If your refund is delayed at the IRS for an unusually long time, or if the IRS reduces your refund such that it is no longer enough to cover the fees, Turbo. Tax would then send you emails asking for payment. If not paid, they ultimately notify you that they are about to debit your bank account, and then do so if not paid.
Do I have to e-file my taxes with TurboTax?
Your federal refund must be sufficient to cover your Turbo, and tax fees. You’ll need to e-file. Your address cannot be foreign. Form 8888 can’t be on your return.
How can TurboTax help me claim the economic impact credit?
, turbo Tax can help you claim the credit by asking you questions about your tax situation and the economic impact payments you may have received. That information is used to fill out the correct tax forms and claim any credit that you are eligible for on your tax return.
Where is recovery rebate credit on turbotax?
, turbo Tax will compare your two payment amounts to the computation within Turbo, and tax. The computations within Turbo. Tax are based upon the information that has been entered into the tax software. If you are due an additional amount, it will be issued as a Rebate Recovery Credit (RRC) on line 30 of the 2020 1040 tax return.
Was there $600 on 1040 line 30 for recovery rebate credit?
That was for the 2nd Stimulus check. The IRS has been adjusting returns that claimed it but the IRS already sent it. Did you get it after you filed?
Can I claim the recovery rebate credit on my tax return?
For payments made in 2021, you can claim the Recovery Rebate Credit on your 2021 tax return. If you did not receive a first or second stimulus check or received less than the full amount you may be eligible for the 2020 Recovery Rebate Credit (RRC). Generally, the credit can increase your refund amount or lower the taxes you may owe.
How do I pay my taxes with my refund?
This option is called Pay With My Refund (also known as Refund Processing Service). Your federal refund must be sufficient to cover your Turbo, and tax fees. You’ll need to e-file. Your address cannot be foreign. Form 8888 can’t be on your return. With your return open, select File from the side menu.
How do I know if I received stimulus in TurboTax?
After you’ve entered in all your tax information, go to the tab “Federal Review.” Turbo. Tax will check to see if you qualify for the stimulus based on your responses on the previous screens. If you qualify, you’ll see the following screen in Turbo, and tax. If you did receive stimulus, select yes.
This begs the query “What if I did not receive the stimulus tax credit?”
If you did not receive the credit or not enough of the credit through the stimulus payments, the only way to claim the proper amount is on your 2020 tax return. You must file a 2020 tax return to claim any credit that you have not already received, even if you otherwise are not required to file a 2020 tax return.