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sherricreager
New Member

Is the stimulus check we got earlier in the year taxabl

 
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bluedeb
Level 15

Is the stimulus check we got earlier in the year taxabl

No, from the IRS: “No, the payment is not income and taxpayers will not owe tax on it.   You will be asked if you received the stimulus payment on your 2020 return, but that is only to make sure everyone received the amount owed, it will not be taxed.

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VolvoGirl
Level 15

Is the stimulus check we got earlier in the year taxabl

No, the Payment is not includible in your gross income. Therefore, you will not include the Payment in your taxable income on your Federal income tax return or pay income tax on your Payment. It will not reduce your refund or increase the amount you owe when you file your 2020 Federal income tax return.

 

But you will need to enter it at the end when you file 2020  to see if you qualify for more.  

bluedeb
Level 15

Is the stimulus check we got earlier in the year taxabl

No, from the IRS: “No, the payment is not income and taxpayers will not owe tax on it.   You will be asked if you received the stimulus payment on your 2020 return, but that is only to make sure everyone received the amount owed, it will not be taxed.

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Critter-3
Level 15

Is the stimulus check we got earlier in the year taxabl

Just follow the interview ... everyone will see this screen in the Federal Review tab ...

 

2020 stimulus Q.jpg

 

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.  

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