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posted Nov 14, 2020 1:06:04 AM

How to report Economic Impact Payment ($1200 stimulus check) on 2020 tax return?

0 6 3581
6 Replies
Level 15
Nov 14, 2020 6:18:57 AM

WHEN the 2020 program is fully operational there will be a screen that will ask if you got the stimulus and how much ... it will be that simple.  

Level 15
Nov 14, 2020 6:48:30 AM

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".

 

 

Level 15
Nov 14, 2020 5:15:00 PM

appears everyone will receive Form 1444 which will state how much you received (I suspect TT will ask you for this amount) and then TT will determine if you are eligible for more; you are not required to return stimulus if the 2020 calculation determines you got 'too much' - that is the way the CARES ACT was passed.

 

See the instructions for Line 30 of Form 1040 on page 56 of the link below 

 

https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

 

 

 

 

Level 5
Dec 29, 2020 10:41:11 PM

I see the form / worksheet TT generated for line 30, but on the 1040 line 30 is still blank.

 

Does anyone know where the 1200 stimulus is covered in the interview questions?

 

In TT deductions and credits the section for COVID seems to all be about if you're self employed?

Level 15
Dec 30, 2020 2:59:34 AM

the stimulus question is at the very end of the interview process.  Search for the word "stimulus" in the toolbar

 

Level 15
Dec 30, 2020 4:09:35 AM

If you got the amount you are eligible for then line 30 will be zero.  An amount will only be on line 30 if you are entitled to more stimulus  WHICH may be the case if you don't get the second stimulus check by 1/20.  NO ONE should file early this year until the IRS system has been tried and tested successfully... with all the fixes that need to be made due to this last minute foolishness by congress the program is bound to be buggy.