I received my 2nd round stimulus payment in early Jan. 2021. am I supposed to include this amount on my 2020 return? they are different years.

The second stimulus payment received in January 2021 is actually an advance on the 2020 Recovery rebate credit. Both stimulus payments are not taxable but you need to report them on your 2020 tax return even if you received the correct amounts.

 

In TurboTax Online, enter your stimulus payments as follows:

1. Sign into your account and continue from where you left off
2. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
3. On the next page titled Let's make sure you got the right stimulus amount, click on Continue
4. Follow the interview
5. TurboTax will determine whether your stimulus payments are correct or you are entitled to any additional stimulus
6. Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.

@nurseburns

 

@fanfare   Thank you.

 

 [Edited 01/22/2021  2:31 PM PST]

@MinhT1 This is pretty misleading.

 

You do have to report them to TurboTax when preparing your return. TurboTax assumes you did not get the payments.