topic Re: Stimulus payment declaration in Get your taxes done using TurboTax

Stimulus payment declaration

unionsparky04 — Wed, 03 Feb 2021 01:26:25 GMT

How do I answer question regarding stimulus payments. If I rec'd 1st payment in 2020 but didn't receive 2nd payment until 1/4/2021 do I state I rec'd both payments for 2020 ?

Re: Stimulus payment declaration

jc_penny — Wed, 03 Feb 2021 01:36:00 GMT

Those checks were not taxable, just computational for TT. You should put them both in regardless the calendar year received.

Ordinarily income is recorded when received, but all TT is trying to do is make sure you get it added to your 2020 return as a tax credit if it had not already been paid to you.

Re: Stimulus payment declaration

MaryK4 — Wed, 03 Feb 2021 01:41:50 GMT

Yes, if you received the second stimulus in December or January 2021 you would have to report it.

The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.