TurboTax Refund Delay 2022: What to Expect

The COVID-19 pandemic has had a significant impact on the global economy, leading to widespread job losses, business closures, and financial struggles for many individuals and families. To provide relief, the government has implemented various measures, including stimulus payments. The second wave of direct stimulus payments is now available, and here's what you need to know about it.

Who is Eligible?

The stimulus check rebate will completely phase out at $87,000 for single filers, $124,500 for head of household filers, and $174,000 for those married filing jointly with no dependents. Your adjusted gross income (AGI) can be found on line 8b of your 2019 Form 1040. If your AGI increases above $75,000 ($112,500 filing head of household, $150,000 married filing jointly), the stimulus amount will decrease.

What is Adjusted Gross Income?

Adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. This means that if you have an AGI of up to $75,000 ($112,500 if filing head of household, $150,000 if married filing jointly), you could be eligible for the full amount of the recovery rebate.

How Do You Know If You're Eligible?

To check if you're eligible for a second stimulus payment, visit the IRS Get My Payment tool. The IRS has begun issuing stimulus payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit or by check. As part of the income tax filing process, the IRS receives accurate banking information for all TurboTax filers who receive a tax refund, which they can use to deposit stimulus payments.

What Do I Need to Do?

There's nothing you need to do to get a stimulus payment. The IRS will automatically send the payment to eligible individuals and families. For example, a family with two children could receive $2,400.

What's Included in the Relief Package?

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, signed into law on December 27, 2020, provides relief through multiple measures and expands many of the provisions already put into place under the CARES Act. The relief package includes a second round of direct stimulus payments to individuals and families.

For information on the third coronavirus relief package, please visit our 'American Rescue Plan: What Does it Mean for You and a Third Stimulus Check' blog post. The second stimulus is coming for millions of Americans, and we're here to help you navigate the process.

Turbotax refund delay 2022