topic Stimulus payment reflected in 2020 tax software? in Get your taxes done using TurboTax

Stimulus payment reflected in 2020 tax software?

theskyisthelimit99 — Mon, 09 Nov 2020 20:07:22 GMT

I thought I had read somewhere that the 2020 stimulus payment that was received, could possibly offset any taxes owed (somehow).

In looking at the new 2020 turbo tax software, i'm not seeing where that entry would go? Does the IRS send some sort of form that then gets entered in the software?

Thanks in advance

Re: Stimulus payment reflected in 2020 tax software?

DoninGA — Mon, 09 Nov 2020 20:12:21 GMT

The stimulus payment is not taxable income nor does it offset any taxes owed on the 2020 tax return.

Re: Stimulus payment reflected in 2020 tax software?

Opus 17 — Mon, 09 Nov 2020 20:17:35 GMT

If you did not receive a stimulus payment during 2020 but you qualify according to your tax return, it will be added. Or if you already received the EIP but qualify for more (due to a drop in income or addition of a dependent) the new amount will be added. On the other hand, if you received a payment but now qualify for less (because of an increase in income) you do not have to repay the amount.

But if you received a payment previously and the amount was correct, it will have no effect on your tax return. It is not taxable, and it is not an offset of any kind.