Filed joint return/effect of the stimulus checks for $1200 each in 2020.

[murfriends]

Already filed our joint federal return via turbo tax and want to know how the $2400 stimulus we received impacts our tax liability

[xmasbaby0]

Stimulus checks are not taxable so they have no effect at all on your tax liability.

[VolvoGirl]

The first round Stimulus payment was 2,400 for joint.  Did you get the second round 1,200 (600x2) that just came in December-January?  If not you can get it on your tax return. Was it included on 1040 line 30?

The Stimulus Checks are really based on your 2020 return we are filing in 2021.  So any amount you already got will be reconciled on your 2020 return line 30.  If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return.  But the good news is if they paid you too much they won't take it back.

There will be a screen with 2 boxes for each round.  If you didn't get one enter a 0 in the box.

When you go through the federal review tab it will ask how much you got if any.  Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus."

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

The Recovery rebate credit is on 1040 line 30.  It either adds to your refund or reduced a tax due.

[damercury]

Why is Turbo Tax taxing my stimulus checks when I insert the amount we received?

[xmasbaby0]

@damercury

You might have become confused by the flow of information in the software.   That "refund monitor" on your screen displays a "refund" amount that includes the stimulus money. as part of your 2020 refund.   But later when you enter the amount of stimulus you really received already, it removes the stimulus already given to you.   And it looks to you like you "lost" your refund,   But ---you do not get the same stimulus money twice--that is why it came out.

Look on line 30 of your Form 1040 for your recovery rebate amount.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[damercury]

When I entered the stimulus checks amounts we received on the page that says did you receive stimulus checks it reduced the amount of my return.  Why please?  Thank you.

[VolvoGirl]

She answered why right above your post. 

Turbo Tax starts out by giving you the full Stimulus amounts and then later you enter what you actually got for each one. So you only get the difference if you qualify for more. You are not paying tax on them. But Turbo Tax started out by giving you credit for the whole amount so you refund was too high. Then when you entered what you already got the starting refund was reduced or the tax due increased. You don't get it twice.

[damercury]

Thank you.  

So to clarify it to me when Turbo Tax asks me Did You Get a Stimulus Check I shouldn't put an amount on that page?