The first stim was given in april 2020. The 2nd was given 1/2021.
While im filing it took me to a page asking about 1st stim and 2nd stim. Are we suppose to enter the 2021 stim chk too? Its asking about how much $ for both checks we received.
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@ourfamily123 wrote:
I dont understand. Im filing and for 2020 we are suppose to enter the 2nd stim that was received and deposited directly into bank in 2021? What rebate credit are you talking about?
so even though it came in 2021 we are suppose to report it for 2020 taxes?
Yes, the stimulus payment you received in 2021 is an advance tax credit based on your 2020 federal tax return. You report receiving the stimulus payment on the 2020 tax return.
Congress passed the 2nd stimulus bill at the end of 2020. The 2nd stimulus checks started going out at the very end of December 2020 and continued into early January 2021. When you fill out the recovery rebate credit it is important for you to enter the entire total of the amount you have received for yourself, your spouse, and your dependent children so far. Entering the wrong amount might delay your 2020 refund.
I dont understand. Im filing and for 2020 we are suppose to enter the 2nd stim that was received and deposited directly into bank in 2021? What rebate credit are you talking about?
so even though it came in 2021 we are suppose to report it for 2020 taxes?
@ourfamily123 wrote:
I dont understand. Im filing and for 2020 we are suppose to enter the 2nd stim that was received and deposited directly into bank in 2021? What rebate credit are you talking about?
so even though it came in 2021 we are suppose to report it for 2020 taxes?
Yes, the stimulus payment you received in 2021 is an advance tax credit based on your 2020 federal tax return. You report receiving the stimulus payment on the 2020 tax return.
Thankyou
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