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March 24, 2021
Question

Hello I was just wondering if my stimulus check was included in my refund amount or will be a separate check sent not sure why my refund is so low and I owe on my state refund so before I send it in I

  • March 24, 2021
  • 1 reply
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So it said I didn't have taxes on my federal but it wouldn't let me go back to make sure I missed that box I paid taxes from my job but not from my unemployment while I was laid off for a few months b

1 reply

March 24, 2021

It depends.

 

Assuming you did not receive the stimulus payments issued last year and early this year, your input would be as follows:

 

When you prepare your 2020 income tax return, be sure to do the following to ensure the credit is calculated correctly on your income tax return. 

  1. In the Federal section, select the Federal Review interview section at the top of the screen.
  2. This will take you to the input section for the Recovery Rebate credit.
  3. Be sure to indicate the actual amount of each stimulus payment you received on the page that asks if you received a stimulus payment. 
  4. There will be two boxes and both need to be completed.  If you did not receive any stimulus payments, please indicate We didn't get a stimulus payment by checking that box.

Stimulus input

 

The amount of the Rebate Recovery Credit is based upon your actual 2020 income tax return you file.  Therefore, if you meet the criteria for the credit, you will receive it when you prepare your 2020 income tax return.  The credit is intended to give those who should have received a stimulus payment but never did a tax credit on their tax returns.  Any excess credit is then refunded to you if there is an overpayment on your tax return.

 

Please see the attached link for more information on who can claim the credit.

 

Recovery Rebate Credit eligibility

 

If you received unemployment in 2020 and want to make sure your unemployment is being treated in accordance with the provisions of the American Rescue Act, the online software has been updated.  Please see the links below for additional information on this change affects your tax return.  Essentially, the first $10,200 of unemployment would be nontaxable if you meet all of the requirements.

 

Unemployment compensation guidelines from the IRS

 

How will the 3rd stimulus affect me

 

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