Solved: CARES Stimulus Payment - Where on TurboTax Home an...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

CARES Stimulus Payment - Where on TurboTax Home and Business do I enter this $2400 payment on my 2020 Form 1040

My wife and I received a $2400 in CARES Act stimulus payment in year 2020. Which section on TurboTax do I enter the receipt of this payment and how do I enter this payment information on TurboTax Home and Business. My wife and I both receive Social Security. My wife is fully retired but I run a solely owned LLC that generates a Schedule C.

1 Best answer

Accepted Solutions
Level 15

CARES Stimulus Payment - Where on TurboTax Home and Business do I enter this $2400 payment on my 2020 Form 1040

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.

View solution in original post

2 Replies
Level 15

CARES Stimulus Payment - Where on TurboTax Home and Business do I enter this $2400 payment on my 2020 Form 1040

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.

View solution in original post

New Member

CARES Stimulus Payment - Where on TurboTax Home and Business do I enter this $2400 payment on my 2020 Form 1040

Thank you for your reply.

Dynamic Ads
v
Privacy Settings