My accountant charges me an arm and a leg and we still end up owing the gov't. so I'm trying to see if it'll benefit me to do this on my own. I never really looked at the tax forms since my accountant does it so I guess I need to know:
1. Where on the form does the child tax credit go? Is there a specific line for it?
2. Do I have to enter any information regarding the stimulus? Is there a specific line for it?
3. My husband and I own a timeshare, where does that go?
4. Same with 401k earnings, where does that go?
5. 1095C for medical, where does that go?
1. You use Form 8812 for the Child Tax Credit and you enter the amount on line 28 of Form 1040.
To enter this in TurboTax:
Please see What is the Child Tax Credit? and IRS 2021 Child Tax Credit and Advance Child Tax Credit Payments FAQ for additional information.
2. If you didn’t get your full third stimulus payment, you may be eligible to claim the Recovery Rebate Credit on line 30 Of Form 1040 of your 2021 tax return.
To claim the Recovery Rebate Credit in TurboTax, please follow these steps:
Please see What are the eligibility rules for the Recovery Rebate Credit? for additional information.
3. Did you have rental income from your timeshare? Please see Where do I enter income and expenses from a rental property?
4. Distributions from a 401k are entered on line 5 of Form 1040 (earnings staying in the 401k do not have to be reported). To enter your 1099-R into TurboTax:
5. You do not have to enter Form 1095-C. Please keep it for your records.
1. ok
2. We received all 3 of our stimulus payments.
3. No rental income on timeshare. The timeshare company sent us a form, I don't have it in front of me but I'm assuming it's for the annual tax we pay. Does that go on any form?
4. What do you mean by "(earnings staying in the 401k do not have to be reported)"?
5. ok
The answers to your remaining questions are shown below.
3. No rental income on timeshare. The timeshare company sent us a form, I don't have it in front of me but I'm assuming it's for the annual tax we pay. Does that go on any form?
4. What do you mean by "(earnings staying in the 401k do not have to be reported)"?
2. So if all 3 stimulus were received, they do not have to be reported correct?
3. ok
4. We have not taken any money out of our 401k so the amounts shown on the forms the companies sent us should not be entered?
2. The third economic impact payment (3EIP) of $1,400 per person on the tax return must be completed on your 2021 tax return because this is where only this payment is reconciled. The recovery rebate credit (RRC) is under the Federal Review tab (top of screen) in TurboTax. You must indicate the amount you have previously received before filing your tax return.
4. If you do not have a Form 1099-R, then nothing is required to be reported for your 401(k). Earnings on your 401(k) are never reported until and unless you take a distribution under the tax law.