Any tax attorneys or those who know their stuff????? (Page 1/1)
pavo_roddy FEB 12, 04:30 PM
HI all

I am almost done with my taxes.. While doing so a question asked turned out to tell my that I am eligible for the second stimulus package payment. Does this mean it is added to the tally?


Thanx all,

Ear-ick J.
Raydar FEB 12, 04:47 PM
If you receive a second payment, it will be this year.
That means it won't be taxable (assuming it even IS taxable) until next year.
The taxes you are doing now are for last year's income.
pavo_roddy FEB 12, 05:11 PM
Hi all


Good advice.... Am going thru turbo tax... And they asked if I had received a payment.... Everyone says their non taxable, hope so....


Thanx,

Air-eek J.

edit to add: I am not asking if they are taxable.... I am asking if the second payment is included into my tax return.... How do you find out?

[This message has been edited by pavo_roddy (edited 02-12-2021).]

Hudini FEB 12, 05:25 PM
AARP says: "The stimulus payment — or economic impact payment, as the IRS calls it — is technically a tax credit for 2020. But this isn't widely understood"

https://www.aarp.org/money/...us-checks-taxed.html
GTGeff FEB 12, 06:52 PM

quote
Originally posted by Raydar:

If you receive a second payment, it will be this year.
That means it won't be taxable (assuming it even IS taxable) until next year.
The taxes you are doing now are for last year's income.



What Raydar said. I am doing my taxes on Turbo Tax as well. I have used them for the last twenty years. They specifically asked me if I received the first one last spring (2020) and the second one in January 2021.

Jeff
pavo_roddy FEB 13, 03:05 PM
HI all


Perhaps I am not being clear, not the first time..... Is it possible to receive the second stimulus check included in my tax refund?

Lets say my taxes come out to be 1, 000 for Fed... Could the Fed then add another 600 as I have not yet received my second stimulus yet...


Thanka u for yur patience,


Ear-ick J.
Raydar FEB 13, 03:58 PM

quote
Originally posted by pavo_roddy:

HI all

Could the Fed then add another 600 as I have not yet received my second stimulus yet...
Ear-ick J.



In order for it to be included in the taxes that you are doing now, it would have had to be paid to you (dated) before January 1 of this year. So, short answer... no.

If the second payment (the $600) is ever taxable, It would be entered on the taxes that you file next year.

[This message has been edited by Raydar (edited 02-13-2021).]