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BalaFaga
Level 1

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

 
5 Replies
DoninGA
Level 15

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

Yes, you enter the second stimulus received in 2021 on the 2020 tax return in the second box for EIP2.  The amount reported is $600 per person including eligible dependents.

BalaFaga
Level 1

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

We did receive a response. You do claim all stimulus checks received, both in 2020 and 2021. Answer came back very quickly. Much appreciated! Turbo tax is the only tax program we will ever use!

bulldog1978
New Member

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

in the letter from the IRS it says it should not count as taxable income, why did it decrease my refund when I entered it on my turbo tax form???

Cynthiad66
Employee Tax Expert

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

The Stimulus payments are not taxed.  There is most like something else that triggered the change.

 

No, your stimulus payment isn’t taxable. It won’t reduce your refund or increase what you owe when you file your taxes this year. It’s also not considered income, so it won’t affect your eligibility for any federal government assistance or benefits.

 

Stimulus payments are based on information from your 2019 or 2018 tax filings. But, the amount you were paid will be reconciled on this year’s tax return based on your 2020 situation.

If you didn't receive the correct amount of stimulus payment, you can claim the Recovery Rebate Credit when you file your 2020 taxes and it will provide the same amount of payment as the stimulus would have. TurboTax will guide you through this to make sure you get every dollar you deserve.

Learn more about stimulus payments at the IRS Economic Impact Payment Information Center site.

VolvoGirl
Level 15

We received our 2nd stimulus check early January 2021. Do I enter it where it says amount of 2nd stimulus even though it was received in 2021. it raised our refund by $1200.00 and I don't want to have to pay that back next year.

You are not paying tax on them.  But Turbo Tax started out by assuming you didn't get it and  giving you credit for the whole amount so your refund was too high to begin with.  Then when you entered what you already got the starting refund was reduced or the tax due increased. Otherwise you would be getting the Stimulus amount on your tax return.

 

Look at your return.  The Stimulus payments do not show up anywhere as taxable income so you are not being taxed on it.

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