We received $2400 as part of the CARES Act in 2020...
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ty-business
New Member

We received $2400 as part of the CARES Act in 2020. How do I report this in Turbo Tax?

 
2 Replies
RayW7
Employee Tax Expert

We received $2400 as part of the CARES Act in 2020. How do I report this in Turbo Tax?

The payments from the stimulus checks are not taxable. The money from the stimulus checks is not considered income and thus taxpayers will not owe taxes on it.

 

-follow this link for additional information-

Does My Stimulus Check Affect My Taxes? | The TurboTax Blog

VolvoGirl
Level 15

We received $2400 as part of the CARES Act in 2020. How do I report this in Turbo Tax?

Did you also get the second one for $1,200?  It might have come in Jan or Feb 2021.  You need to report that one also.  If you don't report the amounts you already got then it will be added to your tax return again and the IRS will have to take if off and delay your refund.  So check 1040 line 30 and make sure it didn't give it to you again!  Line 30 is if you only qualify for more.  

 

When you go through the federal review tab it will ask how much you got if any. Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus." Say no to the amounts it shows you. Then 2 boxes will open up for each round. If you didn't get one enter a 0 in the box.

 

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

 

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

 

The Recovery rebate credit is on 1040 line 30. It either adds to your refund or reduces a tax due.

 

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