I received 2 stimulus checks this year ($1200 and $600). I am following the prompts via TurboTax to enter in that info--which TT verified and says "looks correct." But then I get to a screen that says, "Looks like we need more info. Even if you don't do the ____ work anymore or if the work doesn't apply to you, you'll still need to update this info to keep your return accurate." Then buttons: "update now" or "update later"
When I click "update now," it just takes me back to the "2020 self-employed work summary" but with no prompts or direction.
Where/how do I need to enter this info?
The problem is not the stimulus but the business. You had a business last year and the program is wanting to keep it updated.
Click Edit and go through the business.
If you did not have the business this year, you may have had some assets you were depreciating that need to be switched to personal use or sold. Otherwise, you could delete the business if it was not active.
Thing is, I have updated my business; I have gone through that process (added income, expenses, etc.). I had a business last year, at least for the first 3 months, and then COVID hit, and all my gigs dried up, hence the stimulus check.
So, in TurboTax, after I get to the stimulus check page, it bumps me back to my business/income page, but I’m not sure how or what to “update” it with, since I’ve already entered all of that info.
Did you go through the steps below?
In the TurboTax Online program,
@blinkblink
Yes. I did that. I have entered the stimulus amounts, and TurboTax said, "yep, that sounds accurate ... now you need to go update your business" ... I'm not sure what that means.
Even though you already have updated your business information, it would appear that something is still missing. There is an opportunity to defer a portion of self-employment taxes, for example, that may not have been completed.
Or, it may have been started one way but you changed your mind. If this is the case, there may be information in the first option, perhaps answering yes to deferring, that needs to be deleted. To fix this, answer the question yes, I want to defer, as was done originally, to get back to these entry screens. Then, repeat the process with the second option, no, you no longer wish to defer.
No solution found, but is unbelievable how much TurboTax can suck. I'm using a different website next year.