Deductions & credits

Congress has not voted for a third stimulus check so not sure what you are referring to,.  There have been two rounds of stimulus checks.

 

The stimulus checks were both advance credits for your 2020 tax return.   If you got the stimulus money last year you do not have to pay it back it your 2020 income is over the limit.   But if you did not receive it yet, your recovery rebate credit is based on your 2020 income,

 

Congress passed the 2nd stimulus bill at the end of 2020.   The 2nd stimulus checks started going out at the very end of December 2020 and continued into early January 2021.  When you fill out the recovery rebate credit it is important for you to enter the entire total of the amount you have received for yourself, your spouse, and your dependent children so far.   Entering the wrong amount might delay your 2020 refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**