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New Member

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

 
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Level 15

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

Do not put zero.

 

Congress passed the 2nd stimulus bill at the end of 2020. Both stimulus checks were an advance credit for your 2020 tax return,  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.

 

It should help you if you bear in mind that the purpose of the question is to determine if you have already received the amounts you should have received.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Level 15

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

The Recovery Rebate Credit is entered on your 2020 return, you enter the full amounts you received, for the first and second stimulus money.

View solution in original post

4 Replies
Level 15

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

Do not put zero.

 

Congress passed the 2nd stimulus bill at the end of 2020. Both stimulus checks were an advance credit for your 2020 tax return,  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.

 

It should help you if you bear in mind that the purpose of the question is to determine if you have already received the amounts you should have received.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

Level 15

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

The Recovery Rebate Credit is entered on your 2020 return, you enter the full amounts you received, for the first and second stimulus money.

View solution in original post

New Member

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?

When I entered the January $600.00 payment in Turbo Tax - the Federal Refund was reduced by $600.00. If the stimulus check is not considered income, why was the refund amount reduced?

Level 15

Im entering my stimulus payments i received. i did not get the second payment till January 4th 2021 should i put zero in the second box since the payment occured in 2021?


@jbudd52 wrote:

When I entered the January $600.00 payment in Turbo Tax - the Federal Refund was reduced by $600.00. If the stimulus check is not considered income, why was the refund amount reduced?


The program gave you the maximum credits you were eligible to receive based on the 2020 federal tax return and posted that to your federal tax refund.  The maximum credits are if you have not received any stimulus payments.  When you entered the actual stimulus payments received your tax refund decreased accordingly.

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