topic Why is it asking me to input stimulus money received? in Business & farm

Why is it asking me to input stimulus money received?

aadrizc — Sat, 13 Mar 2021 05:56:02 GMT

Re: Why is it asking me to input stimulus money received?

ee-ea — Sat, 13 Mar 2021 06:14:05 GMT

To prevent you from trying to get the stimulus twice.

Re: Why is it asking me to input stimulus money received?

Anonymous — Sun, 14 Mar 2021 03:06:58 GMT

Actually, it's not to prevent you from getting it twice. It's to ensure that if you didn't receive the full amount that you are entitled to based on your 2020 income that you will get the missing money added to this year's refund.

This can happen if you didn't get your payment at all for some reason or if you circumstances changed and you would be entitled to more money now than was advanced to you previously - less income, different filing status, a new child, etc.

Re: Why is it asking me to input stimulus money received?

JamesG1 — Sun, 14 Mar 2021 14:59:10 GMT

TurboTax will ask you to input the amounts of the stimulus payments that you received and compare it to the information in your 2020 Federal tax return. You may be eligible for additional funding. There is no provision in the law that requires you to pay back an overpayment.

The stimulus payments are based upon 2020 tax information but some people received stimulus payments based upon 2018 or 2019 tax information.

In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.

You can also access your stimulus check choices by following these steps:

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Other Tax Situations.
At the screen Let’s keep going to wrap up. Click on Let’s keep going.
At the screen Let’s make sure you got the right stimulus amount, click Continue.
At the screen Did you get a stimulus payment? you can update your stimulus check entries.

TurboTax will compare your two payment amounts to the computation within TurboTax. The computations within TurboTax are based upon the information that has been entered into the tax software. If you are due an additional amount, it will be issued as a Rebate Recovery Credit (RRC) on line 30 of the 2020 1040 tax return.