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02-16-2021 12:33 PM - edited 02-16-2021 12:39 PM
@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.
02-16-2021 12:44 PM
i could fly, too, if I had wings...........
02-16-2021 12:50 PM
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.
02-16-2021 01:01 PM
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.
02-16-2021 01:34 PM
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.
02-16-2021 01:40 PM - edited 02-16-2021 01:40 PM
@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.
02-16-2021 04:00 PM
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
02-16-2021 04:05 PM
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.
02-16-2021 05:24 PM
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.
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