I am concerned Turbo Tax is handling this scenario for me correctly...got my first stimulus check for $2400 and I am sure it was based on 2018 tax filing. I then filed my taxes in 2019. Then no second stimulus...my guess is because my income for 2019 was too high? (I did receive a very large bonus in 2019).
My question is Turbo Tax asked if I got the $1200 second round and I said no, it then deducts it from what I owe. Is that correct? Would both stimulus payments be based on 2018 filing?
I don't want to hear from the IRS that I owe $1200 more with a penalty.
Thank you!
The bottom of the page has blue type which asks, " What if I am still waiting on a stimulus payment?" If you click it, you will see the following:
It's OK, just enter what you've already received. IF you're owed any additional stimulus funds from the first round of payments, you'll get this as a credit on this return.
If you're waiting for the 2nd stimulus payment, we recommend holding off on completing this section until after mid-January in case your payment's in the mail.
The bottom of the page has blue type which asks, " What if I am still waiting on a stimulus payment?" If you click it, you will see the following:
It's OK, just enter what you've already received. IF you're owed any additional stimulus funds from the first round of payments, you'll get this as a credit on this return.
If you're waiting for the 2nd stimulus payment, we recommend holding off on completing this section until after mid-January in case your payment's in the mail.