2nd stimulus payment

[MYTWOKITTENS]

The 2nd payment was not received until January 4, 2021. This is when it was direct deposited into my checking account.  Do I still have to claim this on my 2020 taxes since it was received in 2021

[DoninGA · Accepted solution]

You have to report receiving the second stimulus payment on your 2020 federal tax return, even if it was received in 2021.

The stimulus questions are asked in the Federal Review section of the TurboTax program.  Any payment you were eligible to receive based on the 2020 Federal tax return but did not receive will be entered on the Federal tax return, Form 1040 Line 30 as a tax credit.  The credit is included in the federal tax refund or it will reduce the amount of federal taxes owed.

[jrblock]

This seems crazy to me.  I did not receive the $1,200 until January 27, 2021.  My refund of $47 vanished and I now owe $1,153 in taxes Federal.  Something is incorrect here.  The year ended 12/31/2020.  I should report the above in 2021???

[VolvoGirl]

Yes a payment you got in January or February 2021 is an Advance and based on your 2020 return.  Enter the second Stimulus payment on your 2020 return now.  The year you got it doesn't matter.  If you don't report it Turbo Tax will give it to you again, which would be wrong and double and delay your refund.  The Stimulus entry screen even says the second one is between Dec 2020 and Jan 2021 so you should include any payments you received in January and February.

[jrblock]

Thank you very much.  Seems counter intuitive since I received in the 2021 year.  But shouldn't complain I did get the amount.  Thanks again.