I got my second stimulus payment in January 2021. Do I include it on my 2020 return?

[MinhT1]

The second stimulus payment received in January 2021 is actually an advance on the 2020 Recovery rebate credit. Both stimulus payments are not taxable and you do not need to report them on your 2020 tax return if you received the correct amounts.

[73669]

We received our second stimulus payment for $1,200 January of 2021. I misunderstood when doing my Turbo Tax and included it in my 2020 tax return. It deducted the entire $1,200 from my refund. Did I do this correctly?

[VolvoGirl]

Yes that is right.  You include the 2nd Stimulus on your 2020 return even if you got it in January or February.

You are not paying tax on them or losing your refund. 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 again.