Recovery Rebate Credit - 2020 & 2021 payments?

Forum|Forum|5 years ago
January 4, 2021
16 replies
54 views

Currently Ln 30 of 2020 1040 W/S shows $2,400 - If MFJ and No dependents - however now that clients are receiving 2nd payment in 2021, IS this to be also reported on 2020 1040? I assume Y, and ProSeries will update the W/S accordingly to accommodate this change - Y?

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Yes, it will go on the 2020 return. Give Intuit a couple weeks to get the program updated for this new change.

Just-Lisa-Now-

Answer

Intuit Community Champion

Yes, it will go on the 2020 return. Give Intuit a couple weeks to get the program updated for this new change.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

dude7707Author

Level 5

Just as I thought......Thanks Lisa for the Quick Reply!

Happy New Year!

qbteachmt

Level 15

If it helps, you can watch the Draft Forms go through update, and check the Instructions, such as 1040:

"Economic impact payments—EIP 1 and EIP 2. Any economic impact payments you received are not taxable for federal income tax purposes, but they reduce your recovery rebate credit."

That tells you what is coming for the filing year.

This is dated 12/31/2020.

https://apps.irs.gov/app/picklist/list/draftTaxForms.html?value=1040&criteria=formNumber&submitSearc...

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