topic Do I need to claim my stimulus checks as income for 2020? in Get your taxes done using TurboTax

Do I need to claim my stimulus checks as income for 2020?

izal-shurah — Mon, 15 Mar 2021 20:19:58 GMT

Re: Do I need to claim my stimulus checks as income for 2020?

DanaB27 — Mon, 15 Mar 2021 20:34:34 GMT

No, stimulus payments are not taxable income. But you will enter the first and second payments received so the Recovery Rebate Credit is calculated correctly:

Log into TurboTax.
After entering all your information click "Federal Review" at the top of your screen.
On the screen "Let's make sure you got the right stimulus amount" click "Continue".
You will be asked about the amounts of first round and second round stimulus payments you received. If you did not receive a payment enter "0".
TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get.
Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.

Please see How will the third stimulus impact me? for additional information.

Re: Do I need to claim my stimulus checks as income for 2020?

Need help 2 — Tue, 16 Mar 2021 18:53:16 GMT

I put my stimulus checks in and now I have to pay taxes before I put it in I was getting a refund what is going on

Re: Do I need to claim my stimulus checks as income for 2020?

JotikaT2 — Tue, 16 Mar 2021 19:02:53 GMT

The stimulus checks have no effect on your overall tax due. The only thing they are used for is to determine if you are eligible for the Recovery Rebate Credit.

The amount of the Rebate Recovery Credit is based upon your actual 2020 income tax return you file. Therefore, if you meet the criteria for the credit, you will receive it when you prepare your 2020 income tax return. The credit is intended to give those who should have received a stimulus payment but never did a tax credit on their tax returns. Any excess credit is then refunded to you if there is an overpayment on your tax return.

If you received both of the stimulus payments, then your tax is just the tax due on your return. It is unrelated to your stimulus payments.

Please see the attached link for more information on who can claim the credit.

Recovery Rebate Credit eligibility

@Need help 2