topic how to enter 2021 economic impact payment in Turbo-tax in Get your taxes done using TurboTax

how to enter 2021 economic impact payment in Turbo-tax

msmaklad — Sun, 06 Feb 2022 16:51:34 GMT

how to enter 2021 economic impact payment in Turbo-tax

Re: how to enter 2021 economic impact payment in Turbo-tax

DanaB27 — Sun, 06 Feb 2022 17:00:49 GMT

Please follow these steps to enter the third stimulus payment:

After entering all your information click "Search" at the top right and type "Stimulus".
Follow the jump to link (if you do not qualify for the Recovery Rebate Credit the stimulus questions will not come up).
On the screen "Let's double-check the amount you received" you will be asked about the amount of third stimulus payment you received. 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 The Recovery Rebate Credit on line 30 of Form 1040.

Please see What are the eligibility rules for the Recovery Rebate Credit? for additional information.

Re: how to enter 2021 economic impact payment in Turbo-tax

ksymank — Sat, 12 Feb 2022 16:26:26 GMT

When I click the jump to link it takes me directly to WE'RE READY TO REVIEW YOUR FEDERAL TAX RETURN and if I answer NO it takes me to a page with a long list of forms you can enter and none are applicable to entering the 2021 economic impact payment. I did way until all my income was entered before I initially answered YES to the question. Now - how and/or where do I enter this payment? Thanks.

Re: how to enter 2021 economic impact payment in Turbo-tax

DanaB27 — Sat, 12 Feb 2022 16:51:19 GMT

Please be aware, if you do not qualify for the Recovery Rebate Credit then you will not get the questions and do not need to enter the third stimulus amount received.

To be eligible for the Recovery Rebate Credit you need to be a U.S. citizen or U.S. resident alien in 2021 and have a Social Security number that is valid for employment.

You cannot be claimed as a dependent by someone else to be eligible.

Your credit amount will be reduced if your 2021 adjusted gross income (AGI) is more than:

$150,000 if married and filing a joint return or filing as a qualifying widow or widower
$112,500 if filing as head of household or
$75,000 for eligible individuals filing as a single or as married filing separately.

Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )