Community Chat

[Deree]

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@LuvmyLab wrote:

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

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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.

[fthunt]

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

[SharkE]

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

[queendiva]

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.

[chickenbutt]

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.

[SilleeMee]

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.

[Bri369]

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@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.

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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.

[millieshops]

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

[CelticCrafter]

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.

[Still Raining]

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.