Got two questions about the stimulus checks related to COVID-19. I'm in the PERSONAL | Federal Review section in TurboTax. It lists the amounts that we got for the first and second rounds. The first question is, why are they asking for this? It's our understanding that these payments aren't tax deductible?
Second question concerns the second round. We didn't get the check from the US Treasury until January 2021. Like I said the amount listed in TurboTax is accurate, but we didn't receive it until 2021, so do we still put that in?
You get asked about the stimulus payments to help determine if you should still receive any more payments based on your 2020 eligibility. And....yes....you need to enter ALL of the amounts you received in 2020 or early 2021 for the first and second EIP payments. Entering the wrong amount will result in a delay for processing your refund while the IRS cross checks how much you received and then recalculates your refund.
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 will 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.
You get asked about the stimulus payments to help determine if you should still receive any more payments based on your 2020 eligibility. And....yes....you need to enter ALL of the amounts you received in 2020 or early 2021 for the first and second EIP payments. Entering the wrong amount will result in a delay for processing your refund while the IRS cross checks how much you received and then recalculates your refund.
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 will 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.