topic Re: paperwork in Community Chat

paperwork

catter70 — Tue, 16 Feb 2021 16:35:57 GMT

I called this morning to make an appointment to get my taxes done and the lady that answered the phone told me to bring my stimulus paperwork and not thinking, I said ok. I don't have anything for that. It went directly to my bank account. Has anyone here gotten any paperwork to do your taxes. I thought it wasn't even taxable. I called and left a message for a call back.

Re: paperwork

ValuSkr — Tue, 16 Feb 2021 16:38:39 GMT

I didn't get any paperwork either. And you're correct - it's not taxable.

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deepwaterdotter — Tue, 16 Feb 2021 16:39:21 GMT

I submitted the letter that came in the mail a few days after the stimulus money was deposited into our bank account.

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PinkyPetunia — Tue, 16 Feb 2021 16:39:31 GMT

Print out your bank statement showing the stimulus payment was received.

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SharkE — Tue, 16 Feb 2021 16:42:17 GMT

Husband never got his, period. I did, go figure.

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Lipstickdiva — Tue, 16 Feb 2021 16:45:10 GMT

The stimulus money isn't income so it's not taxable. These were a tax credit. However, if you didn't receive your stimulus funds I believe you can claim that on your taxes.

Maybe there is a place though on the return where you input the amount you received even though it's not income.

Re: paperwork

Somertime — Tue, 16 Feb 2021 17:12:04 GMT

You do not need any paperwork to verify receipt of stimulus check for your Federal return. You are asked if you received a stimulus payment. If you answer yes, it will tell you the amount and ask you to verify it. If you received less than you were supposed to, the difference will appear on your tax return as a credit to your account. The stimulus checks are NOT taxable or any part of your income.

Re: paperwork

catter70 — Tue, 16 Feb 2021 17:20:16 GMT

I always keep my paperwork (bills) for a year. I just went thru them and found that I did receive a letter from the Dept. of the Treasury -Notice 1444(EN-SP) dated 4/15/20 regarding the stimulus. I'll also take my bank statement. I guess that will have to do. Thanks everyone for your help.

Re: paperwork

LuvmyLab — Tue, 16 Feb 2021 17:22:21 GMT

If it's not taxable why do we have to verify that we received it?

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KLevineFan — Tue, 16 Feb 2021 17:29:30 GMT

Actually, it depends where you live. In Oregon it's taxable. Did my taxes online and it just asked if I received it, period.

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Deree — Tue, 16 Feb 2021 17:39:31 GMT

@LuvmyLab wrote:
If it's not taxable why do we have to verify that we received it?

Wondering this myself. I filed with Turbo a few days ago. They asked if I received my payment (first and/or second). I replied first. Day after I filed I received a letter stating I had received my second payment via direct deposit a month prior which I wasn't aware of so my response wasn't technically accurate.

Re: paperwork

fthunt — Tue, 16 Feb 2021 17:42:03 GMT

@SharkE That's strange - well you "could" split yours with him.

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SharkE — Tue, 16 Feb 2021 17:44:04 GMT

i could fly, too, if I had wings...........

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queendiva — Tue, 16 Feb 2021 17:50:22 GMT

Along with other tax documents, I recently received a letter confirming the amount I received for the original stimulus, which was not the full amount. I did not receive a second stimulus.

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chickenbutt — Tue, 16 Feb 2021 18:01:33 GMT

It kind of sounds like, in some states that have state income tax, they are having people claim it. So, maybe that's why the accountant asked for the info from some - to file it on state, in lieu of federal, income tax forms.

My state doesn't have state income tax, so the accountant hasn't asked for any such documentation.

Re: paperwork

SilleeMee — Tue, 16 Feb 2021 18:34:54 GMT

I'm no tax specialist but I understand the stimulus money has something to do with tax credits and I don't know what that means. Anyone?

When I filed my return this year the question was asked about the amount of stimulus money I received.

Re: paperwork

Bri369 — Tue, 16 Feb 2021 18:40:53 GMT

@SilleeMee wrote:
I'm no tax specialist but I understand the stimulus money has something to do with tax credits and I don't know what that means. Anyone?

When I filed my return this year the question was asked about the amount of stimulus money I received.

If you are missing all or some of your Stimulus, there is a Recovery Rebate Credit you would be entitled to as part of your refund.

Re: paperwork

millieshops — Tue, 16 Feb 2021 21:00:48 GMT

not taxable, but apparently reportable somehow

for want of anything better, take a printout of your bank statement for the month it was direct deposited

Re: paperwork

CelticCrafter — Tue, 16 Feb 2021 21:05:13 GMT

Ours was direct deposit and I shredded the letters saying that it had been deposited.

We got the full amount so I will just put a note with all the other tax stuff when I drop it off to the accountant.

I don't have access to a printer in the house so printing the statement showing it is a no go.

Re: paperwork

Still Raining — Tue, 16 Feb 2021 22:24:29 GMT

Both payments were characterized as prepayments of 2020 refundable tax credit.

Although they do not impact federal income, they must be accurately declared. I think the second payment date went out to 1/15/21?

In most cases they will be a wash.

However, if more money is due, it will calculated based on the declarations.