I received stimulus payments of 1400 and 600 dollars in 2020. Do I need to report them in my 2020 tax return? if yes, where in turbotax software?
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Yes, you need to enter the stimulus payments received to calculate the Recovery Rebate Credit correctly. But the payments won't be included in your income.
Please follow these steps to enter the stimulus payments received:
Yes, you have to report receiving the stimulus payments on the 2020 federal tax return in the Federal Review section of the program.
Go to the Federal Review section
( you should see "Let's make sure you got the right stimulus amount”)
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.
Yes, you need to enter the stimulus payments received to calculate the Recovery Rebate Credit correctly. But the payments won't be included in your income.
Please follow these steps to enter the stimulus payments received:
I inadvertently entered zeros, and need to get back to that form to enter the amounts received. How do I access that form to enter correct data?
@Nathaniel Good Did you already e-file? If you already e-filed it is too late to make any changes. If you answered the questions about the stimulus checks incorrectly, the IRS will cross check and see how much you really received. They will recalculate your refund--which will probably delay it, too.
If you have not e-filed then go back to Federal Review to fix the way you answered the questions about the EIP payments.
The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)
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