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When filing 2020 taxes do we claims stimulus payments as earned income?
@Dv13 wrote:
When filing 2020 taxes do we claims stimulus payments as earned income?
The stimulus payments are NOT earned income. They are an advance tax credit from the 2020 federal tax return and are not entered on your tax return.
The stimulus questions are asked in the Federal Review section of the TurboTax program. Any payment you were eligible to receive based on the 2020 Federal tax return but did not receive will be entered on the Federal tax return, Form 1040 Line 30 as a tax credit. The credit is included in the federal tax refund or it will reduce the amount of federal taxes owed.
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