topic Re: stimulus in Get your taxes done using TurboTax

stimulus

karthur79 — Fri, 12 Feb 2021 01:51:26 GMT

Two weeks ago it said to enter round two stimulus check if received Dec. 2020-Jan. 2021 (we received ours in Jan.) and we were going to get a refund of 1533. NOW it is saying thru Feb. and so I have to enter the $2400, whereas I didn't with the first set of dates, and now we owe $867, which is exactly the the amount of our second stimulus check. I am not understanding.

Do I need to enter the second round for my 2020 tax return? And if so, why did we even get the amount if it ends up taking it all away from us?

Re: stimulus

xmasbaby0 — Fri, 12 Feb 2021 01:57:15 GMT

Congress passed the 2nd stimulus bill at the end of 2020. Both stimulus checks were an advance credit for your 2020 tax return, The 2nd stimulus checks started going out at the very end of December 2020 and continued into early January 2021. When you fill out the recovery rebate credit it is important for you to enter the entire total of the amount you have received for yourself, your spouse, and your dependent children so far. Entering the wrong amount might delay your 2020 refund.

It should help you if you bear in mind that the purpose of the question is to determine if you have already received the amounts you should have received.

Re: stimulus

karthur79 — Fri, 12 Feb 2021 03:56:32 GMT

I don't qualify for that credit. So basically they give us 2400 bucks and then just take it away a month later? I don't understand that logic. Entering that number reduces my refund by exactly that much and now we owe $867. Why give money if they just take it back in a month. And entering the first check amount doesn't make a difference, just the second, why is that?

Re: stimulus

ThomasM125 — Fri, 12 Feb 2021 21:03:16 GMT

You need to enter the full amount of stimulus payments that you received.

Your should have received $1,200 per taxpayer and $500 for dependents on your tax return under age 17 for the first stimulus payment, and $600 for each taxpayer and dependent under age 17 for the second payment.

So, if it is just the two of you on the tax return, you should have received $3,600 total. If that is what you received, enter that on your tax return for 2020 and you would not be due any additional stimulus payments.