Good Question: How will stimulus checks affect my taxes?
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ROCHESTER, N.Y.(WHEC)— It’s here. The official start tax season is Friday, Feb. 12.
News10NBC’s Brennan Somers has heard from many of you asking Good Questions about stimulus payments and taxes, including what to do if you think the IRS owes you some cash.
Let’s answer them.
First– How should I claim the payments on my taxes?
You’re not going to see ‘stimulus’ or ‘economic impact’ checks listed on returns. To get what you’re owed, look for ‘recovery rebate credit.” It’s on line 30 of your 1040. You can list the difference between what you think is missing and what you already got.
Next– How much should I have received from the IRS?
That could’ve been $1,200 the first time around or $2,400 for couples. There may be another $600 for adults with the second stimulus, plus a few hundred per child. Instructions for coming up with the right total will come with your 1040.
If you got the right payments you don’t need to do anything else.
Finally– What if I had a baby in 2020?
You could get $1,100 as a combined total of child payments from the first and second stimulus payments.
That’s because the IRS used 2018 and 2019 returns to add up amounts, so, the agency didn’t know about your baby.
You also don’t have to pay taxes on your stimulus checks. The IRS doesn’t consider that income.