No. Stimulus payments were not considered income and are not taxable.
However, you will have to enter your stimulus payments received on the recovery rebate form to see if you qualify for the Recovery Rebate Credit.
You can follow these steps in TurboTax to enter information for the recovery rebate form:
- With your return open, search for stimulus with the magnifying glass tool on the top of the page.
- Select the Jump to Stimulus in the search results to directly go to correct TurboTax page.
Before you complete this section, it is best to have all your income and deductions entered so the correct amount of the tax credit is correct. This will be important if your situation has changed in 2020 since your stimulus was based on the last tax return you filed. Once you enter the amount of your stimulus payment, TurboTax will inform you in this section if you received the correct amount.
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