topic Re: Stimulus Payment in Deductions & credits

Stimulus Payment

Confused-in-TX — Fri, 05 Feb 2021 20:51:08 GMT

Turbo Tax has confirmed that the Stimulus Payments that I received are correct. It's my understanding that the Stimulus Payments were advanced tax credits on 2020 returns. But the Stimulus credits haven't been applied in the Turbo Tax calculation of my 2020 federal income tax.

Re: Stimulus Payment

VolvoGirl — Fri, 05 Feb 2021 20:54:11 GMT

If you received the correct amount then 1040 line 30 should be blank or 0. What are you see Or expecting?

The Stimulus Checks are really based on your 2020 return we are filing in 2021. So any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.

There will be a screen with 2 boxes for each round. If you didn't get one enter a 0 in the box.

When you go through the federal review tab it will ask how much you got if any. Or to enter your stimulus payment in TurboTax, type "stimulus" (without the quotes) in the Search box, then click the link that says "Jump to stimulus."

After you have entered your tax information and are ready for the Federal Review, it will be the first question.

If you are trying to trigger it, you can go to Other Situations, answer any questions and click Done. The next automatic selection is Federal Review and it will ask about payments received.

The Recovery rebate credit is on 1040 line 30. It either adds to your refund or reduced a tax due.

Before filing, You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

Re: Stimulus Payment

DoninGA — Fri, 05 Feb 2021 20:56:36 GMT

Any stimulus payments you were eligible to receive based on your 2020 federal tax return but did not receive will be entered as a tax credit on Form 1040 Line 30. The credit will either increase the federal tax refund or decrease the amount of federal taxes owed.

If you received all the stimulus payments you were eligible to receive then there will not be any tax credits entered so will have no affect on your tax return.

Re: Stimulus Payment

midnight Brewed — Sun, 14 Feb 2021 19:53:13 GMT

I am seeing 3600 for the second payment but is should be 1200. How do I change the 3600 to 1200?

Re: Stimulus Payment

JohnW152 — Sun, 14 Feb 2021 20:00:18 GMT

If you haven't already submitted your return, and you input the wrong amount for the second stimulus in the TurboTax Online program, simply type stimulus into the Search box and enter.

Then, if you'll click the link Jump to stimulus, you'll be prompted to enter your amount(s) again.

The IRS requires you to report all relevant stimulus information when you’re filing your return.