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Level 1
posted Feb 2, 2021 5:26:25 PM

Stimulus payment declaration

 How do I answer question regarding stimulus payments. If I rec'd 1st payment in 2020 but didn't receive 2nd payment until 1/4/2021 do I state I rec'd both payments  for 2020 ?

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1 Best answer
Expert Alumni
Feb 2, 2021 5:41:50 PM

Yes, if you received the second stimulus in December or January 2021 you would have to report it. 

 

The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.

2 Replies
Level 3
Feb 2, 2021 5:36:00 PM

Those checks were not taxable, just computational for TT.  You should put them both in regardless the calendar year received.

 

Ordinarily income is recorded when received, but all TT is trying to do is make sure you get it added to your 2020 return as a tax credit if it had not already been paid to you.

 

 

Expert Alumni
Feb 2, 2021 5:41:50 PM

Yes, if you received the second stimulus in December or January 2021 you would have to report it. 

 

The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.