topic Re: 2021 stimulus in Get your taxes done using TurboTax

2021 stimulus

Hshenkarow — Sat, 09 Jan 2021 08:10:31 GMT

okay, so I believe I somehow created two profiles on turbo tax, one for doing my taxes 2019 and one for 2020. the bank account I used to collect my refund in 2020 I ended up closing. the new refund is supposed to be going to my bank account I used in 2019, yet since it was a different profile, I do not think that that bank account is going to be found. what do I do? I cant even find the profile I used in 2019. need help

Re: 2021 stimulus

VolvoGirl — Sat, 09 Jan 2021 08:22:19 GMT

When you file 2020 you can enter the new bank account in the File tab. Have you filed 2020 yet?

For the Stimulus Check.....

The IRS will stop mailing Stimulus checks on 1/15 so if you don't get it by the time the efiling opens at the end of the month you can apply for the missing money on the 2020 return.

The Stimulus Checks are really based on your 2020 return we are filing in 2021. So any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.

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."

Re: 2021 stimulus

kityhill — Thu, 28 Jan 2021 15:34:11 GMT

I got 600 more in 2021, why would I declare that in 2020 info???

Re: 2021 stimulus

CatinaT1 — Thu, 28 Jan 2021 15:39:28 GMT

You are not paying taxes on the stimulus, you are reconciling the amounts you received. If you did not receive one or both of the stimulus payments or if the amount was incorrect, this amount will be included in your refund.

Re: 2021 stimulus

DoninGA — Thu, 28 Jan 2021 15:41:29 GMT

The stimulus payments EIP1 and EIP2 are advance tax credits based on the 2020 federal tax return. You are required to report both stimulus payments received on the 2020 federal tax return.