My wife and I have received two (reduced due to our AGI) stimulus payments based on our 2019 tax return where our filing status was 'Married Filing Jointly'. In 2020, we will each file a separate 2020 return with the filing status 'Married Filing Separately'. (We have a specific circumstance where MFS makes sense this year.) My wife will claim our one dependent on her return. How do I enter the stimulus payment information on our 2020 tax returns? If I enter the full amount of each payment we received on each of our returns, then it will report as twice what we actually received.
You will need to allocate the amount received.
Please see Stimulus Check Calculator (2nd Round) for additional information.
I have the same situation. Are you indicating that we should both claim having received half of the amount of each stimulus check so the total matches what was received?
Recommend that you allocate the amount of stimulus payments received. 50/50 is one way to do it.
The 2020-2021 Stimulus Check Calculator (2nd Round) found here (towards the bottom of the page) was recommended as a tool to compute an allocation of something other than a 50/50 split.
If you have not received one or both of your stimulus checks, you will receive your payment in the form of a Recovery Rebate Credit on line 30 of your 2020 Federal tax return when you file.
TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax. The computations within TurboTax are based upon the information that you have entered into the tax software. If you are due an additional amount, it will be issued as a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.
In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.
You can access your stimulus check choices by following these steps:
See also this TurboTax Help.