I received the second stimulus payment after January 1. Do I still answer that I received it when I'm filling out my tax return?

The program asks if I received the two stimulus payments. I received one in December 2020, and the other in January of 2021. Do I answer "Yes", even though I'm a cash basis taxpayer?

130

Expert Alumni

Feb 26, 2021 1:03:54 PM

Yes, you have to report both stimulus payments on your 2020 tax return, even if your receive the second payment in January 2021.

In fact, both these payments are advanced payments of the 2020 Recovery Rebate Credit.

Please read this IRS document on the Recovery Rebate credit.

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I received the second stimulus payment after January 1. Do I still answer that I received it when I'm filling out my tax return?