A little confusion on this one but I received the 2nd stimulus check on 1/4/21, does that go into turbotax for the 2020 tax year under the federal review as the 2nd stimulus amount? Initially i had it at zero and it resulted in a credit, but i dont think thats right, assuming the 2021 value goes in 2020 tax year?
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.
Yes there’s a form where it asks you to enter amounts for the 2020 check and the 2021 January check since it was authorized in 2020. If you received it you put in the amount you received. If it ends up being a credit, they might not have given you all the money you are eligible for at first, like for dependents.
I had a daughter in 2020 and so understandably she wasn’t on my 2019 taxes so I’m having to claim the other part of the money owed based on that.
thanks for the comments..
So based on this here, seems if you received it on 2021, you put it as the #2 round stimulus entry in the review section right (not a zero)?
Seems a local tax person was suggesting it doesnt go in the 2020 taxes though which through me for a loop.
As with this method, and a zero for #2, that throws my return off, i go from owing to getting a credit and the software seems to still show tax payments in the raw form area which i dont quite get (so its like i still owed what i owed but i also show a refund by putting zero).
Yes 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. The Stimulus entry screen says the second one is between Dec 2020 and Jan 2021 so you should include January.