topic Stimulus money and 1040 in Get your taxes done using TurboTax

Stimulus money and 1040

CaddyGrn — Sun, 14 Mar 2021 20:40:27 GMT

It is my understanding that the stimulus money we received is not considered "income" so am I correct in assuming that we do not report it at all? I did not see any questions in the TT "interview" regarding the stimulus. Do we just not report it at all?

Thanks in advance for sage replies. I am sure this has been asked, but I didn't see the specific question.

Re: Stimulus money and 1040

xmasbaby0 — Sun, 14 Mar 2021 20:47:48 GMT

When you prepare your 2020 return you are supposed to enter the stimulus amounts you already received in the recovery rebate credit section so that you do not end up "double dipping" and getting the payments twice or have your refund delayed while the IRS has to cross check to see if you got it.

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”) If you are eligible it will end up on line 30 of your 2020 Form 1040.

Make sure that you enter ALL of the stimulus money received for the 1st and 2nd stimulus for yourself, your spouse and your children.

The stimulus money you received is NOT TAXABLE.

Re: Stimulus money and 1040

MaryK4 — Sun, 14 Mar 2021 20:51:47 GMT

That is correct- you do not need to report anything about stimulus money you received UNLESS you did not receive the stimulus payments. If you did not receive any or all of the stimulus, you can claim the Recovery Rebate Payment with your 2020 tax return.

Re: Stimulus money and 1040

CaddyGrn — Sun, 14 Mar 2021 22:46:11 GMT

Thank you very much for your prompt response! I so appreciate this forum!

Re: Stimulus money and 1040

CaddyGrn — Mon, 15 Mar 2021 19:25:00 GMT

We did receive all appropriate stimulus money. So according to what I understand I do not report anything on my tax form. That would only be if I didn't receive it.

Re: Stimulus money and 1040

CatinaT1 — Mon, 15 Mar 2021 19:42:07 GMT

When you get to the stimulus question, you will want to answer them. If you don't it will force the Recovery Rebate Credit. You are just reconciling the amounts you received as correct by entering them in TurboTax. This will not appear on your return anywhere.