What screen in Lacerte do i record stimulus payment transactions (i.e. payment due but never received) in 2020?

[George4Tacks]

Stimulus? Not the proper word. https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/economic-impact-payment-2...

[itonewbie]

Also take a look at this: https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/stimulis-payment/00/109...

[itonewbie]

The input is on Screen 38.2 under Recovery Rebate Credit.

[George4Tacks]

Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?

[itonewbie]

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@George4Tacks wrote:
Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?

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Lol, you're trying to test me. 🙂 Technically, no.

Too many terms thrown around by the IRS and press.  The proper terminology in the Code for EIP or stimulus payment is actually advance refund - literally, that's an advance of the Recovery Rebate (as it is officially named under §6428).

The Recovery Rebate is a credit that will be claimed on the 2020 return and it must be reconciled against the advance refund (i.e. EIP aka stimulus payment) folks received.

[George4Tacks]

So what is the name for the new $600 thingie? If it become $2,000 what will that be called?
My head spins!

[itonewbie]

Ah, the new $600 thingy is an Additional Recovery Rebate.  It is codified separately under §6428A and is to be added to the Recovery Rebate provided for under §6428.

The House bill, coined the "CASH Act of 2020", to increase the quantum from $600 to $2,000 is simply an amendment to §6428A, which means the $2,000 will just be the updated amount for Additional Recovery Rebate if the bill is passed by the Senate and signed into law by Trump.

[abctax55]

@dvinegrad 

Based on your posts, you appear to be new to Lacerte.  This \|/ will help you:

Lacerte has this snifty feature:
Go to where you expect the info/amount to appear. Right click on that field, then click on "jump to input". That will *usually* take you to where you to input the info (or give you the various options when there are multiple places).

Also, please be aware that this early in the game, not ALL (even most?) forms are ready.