1757279
You'll need to sign in or create an account to connect with an expert.
Yes when you file 2020. At the end you enter how much you got (if any) and if you qualify for more it should give you credit on line 30.
The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check this year, you can get it when you file your 2020 return in early 2021—if you are eligible.It will end up on line 30 of your 2020 Form 1040.
Just follow the interview ... everyone will see this screen in the Federal Review tab ...
The question about the amount you got in the advance stimulus payment doesn’t happen until the END of the interview. By then the program has already calculated the credit and has included the amount in the refund meter you see at the top of the screen. UNTIL you get to that screen where you can indicate how much you actually got in the ADVANCE payment the program cannot know what the correct amount really is. So once you enter in that amount the program adjusts the credit accordingly depending on how much you already got and the refund meter will change appropriately.
I think the timing of this question is not ideal however the Refund-O-Meter is not to be believed until you have completed the entire interview process. This is a question we will have to answer a lot I fear just like the "missing" EIC & CTC credit questions.
This is like the story of Goldilocks in a way ... for some the amount they got in advance was too little, for some it was too much and for others it was just right. The EIP will be calculated on the 2020 information however if you got too much in advance you don't have to pay it back but if you didn't get enough then you will get more. Most people got the correct amount in advance to they will balance out exactly.
The stimulus money is not taxable or reportable as income. You will be asked if you got the stimulus money to determine if you are eligible to get it on your 2020 return.
"In essence, the stimulus check acts as an advance of your 2020 income tax refund. This means when you prepare your 2020 income tax return, there will be a line to include the section 6428 credit. The credit on your 2020 return is subtracted by any amount received as a stimulus check in 2020. If the amount you received as a stimulus check is less than the credit you are due, the difference will be included as part of your 2020 refund. If you have been overpaid by receiving the stimulus check, however, you will not be required to return any excess amount".
See these 3 IRS questions on reporting it on your 2020 return
I haven't filed an amended return (for 2018 - what they used for determining that I was not eligible for the $1200). I also have not received a payment, and I have not received a letter "1444." But I did receive a phone call from the IRS after filing a complaint with my State Congressman. They said there was no correction available even with an amended return so I didn't bother with it. We'll see what happens when I file my taxes for 2020. Income is way - way - down from what it was previously thanks to COVID. & So far, no help from the Feds. Very frustrating.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bijouxbaee
New Member
magicstar41000-y
Level 2
sissybelinda123
New Member
alisafhuang
New Member
clsmth31
New Member