My wife and I filed joint in 2019 and got the $2900 stimulus check (1kid, 2 new ones that werent on last years taxes) as expected. This year we are filing separate, and I am claiming the 3 kids, for student loan purposes. When asked what stimulus payment each of us received should we split the amount between the returns, both report the full amount, or one of us report the full amount? My thought is that both reporting the full amount will show overpayment and keep us from getting the 2 new kids amounts.
each is should report half the money received.. note that TT hasn't updated for the 2nd stimulus check, so when it asked how much received, that should be for the 1st payment only.. Once the software updates, there will be opportunity to enter the 2nd payment.
if you lump the 2 payments together you risk getting the incorrect result.
while I understand the strategy to file separately due to student loans, suggest running your taxes both ways before filing (joint vs. separate) because the tax credits you lose for the children MAY offset the reduced loan repayment benefits you gain given the student loan debt.
i don't think the IRS has issued any guidelines at this time.
The law itself say 1/2 belongs to each of you.
That isn't always logical when you have kids, but that is what the law says.
each is should report half the money received.. note that TT hasn't updated for the 2nd stimulus check, so when it asked how much received, that should be for the 1st payment only.. Once the software updates, there will be opportunity to enter the 2nd payment.
if you lump the 2 payments together you risk getting the incorrect result.
while I understand the strategy to file separately due to student loans, suggest running your taxes both ways before filing (joint vs. separate) because the tax credits you lose for the children MAY offset the reduced loan repayment benefits you gain given the student loan debt.
Do you know when TT is going to have the software updated to included the second stimulus check?
No date has been posted yet ... it all depends on the IRS but since everyone needs the form 1040 to file so nothing can be filed until it is updated. It will be should be ready by the time the IRS posts a start date to efiling which they have not yet done.
I think it just updated - desktop version now has the 2nd stimulus payment questions,
i just check as well the online version is not working.