topic Will filing for stimulus affect my filing for taxes? in Other financial discussions

Will filing for stimulus affect my filing for taxes?

britwilson1 — Sat, 02 Jan 2021 04:19:48 GMT

Re: Will filing for stimulus affect my filing for taxes?

NCperson — Sat, 02 Jan 2021 04:31:37 GMT

not sure what you are asking.

the stimulus is not taxable income; it can't make your refund go down.

if you didn't receive all your stimulus, there is a "settle up" section to calculate what you may be eligible for.

is that what you were asking?

Re: Will filing for stimulus affect my filing for taxes?

Critter-3 — Sat, 02 Jan 2021 04:44:32 GMT

There is no separate filing for a stimulus check this year ... even if you are only filing for the stimulus you will file only one income tax return and you must report ALL your income on that one tax form. Do not try to file a return just for the stimulus since that will delay things much longer than if you just waited to file once correctly. The IRS will not start processing returns until 1/27 so don't rush.

Re: Will filing for stimulus affect my filing for taxes?

Critter-3 — Sat, 02 Jan 2021 04:48:26 GMT

BOTH of the stimulus checks are an advance on a credit you can receive on your 2020 tax return. The second checks are going out now and will stop on 1/15.

If something went wrong or you did not get either the first or second stimulus checks the you can get it when you file your 2020 return in early 2021—if you are eligible. It will end up on line 30 of your 2020 Form 1040.

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

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-...

https://ttlc.intuit.com/community/tax-topics/help/how-will-the-stimulus-package-impact-me/00/1393859

At this point, we don't know how long the new stimulus bill means in terms of time to change the 2020 Form 1040, software programming, software updates, etc., etc. Do NOT be in a hurry to file your 2020 tax return until more is known. It is never a good idea to file early, and it would be especially foolish to file an early 2020 return.