topic Deductions in Deductions & credits

Deductions

mwfaunt311 — Fri, 16 Apr 2021 14:44:52 GMT

Is there a deduction for not receiving any stimulus checks from the government? I worked this whole time and did not qualify for the checks.

Re: Deductions

fanfare — Fri, 16 Apr 2021 14:56:02 GMT

you do not get a deduction, you get a credit.

report the amount you are eligible for but did not get on your 2020 tax return.

Read the TurboTax questions carefully.

If you are not eligible, that's the end of it. Report zero.

Re: Deductions

xmasbaby0 — Fri, 16 Apr 2021 14:55:31 GMT

The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021

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.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-2020-tax-return

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Deductions

mwfaunt311 — Fri, 16 Apr 2021 15:02:55 GMT

Thank You