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Discussion Starter · #1 ·
are we supposed to show anywhere on the 1040 that we did get a stimulus payment or are we using line 30 to show what we didn't receive.That may be why this is confusing me.

Thanks

Bernie
 

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Line 30 is used to reconcile what you received against what you should have received.

Because EIP 1 and 2 were advanced payments based on prior year returns it is quite possible that people were under or overpaid - if their income (or exchange rates) have varied or their circumstances have changed.

So for those under the thresholds to receive the full amount it appears as if you are only claiming what you didn't receive
But for those under the thresholds in 2018-19 but over the thresholds in 2020 , and those who no longer have qualifying dependants (because they aged out) can end up repaying part of the EIP amounts
 

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Berniej -- Complete the "Recovery Rebait Credit Worksheet" on page 58 or 59 of the IRS Tax Year 2020 1040 and 1040-SR Instructions. This worksheet will reconcile your payments and the last line (line 21) will be transferred to line 30 of IRS form 1040. The worksheet does not need to be forwarded to the IRS, but should be kept in your records (some tax software programs will calculate line 30 after you answer essentially the questions from the worksheet.) Your entry on line 30 should match the IRS records and should equate to what payments you received (or didn't receive,) so yes, you are telling them what you received. Cheers, 255
 

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Discussion Starter · #4 ·
Line 30 is used to reconcile what you received against what you should have received.

Because EIP 1 and 2 were advanced payments based on prior year returns it is quite possible that people were under or overpaid - if their income (or exchange rates) have varied or their circumstances have changed.

So for those under the thresholds to receive the full amount it appears as if you are only claiming what you didn't receive
But for those under the thresholds in 2018-19 but over the thresholds in 2020 , and those who no longer have qualifying dependants (because they aged out) can end up repaying part of the EIP amounts
Thanks for the info.I get confused using the work sheet but I'll try again
 

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Discussion Starter · #5 ·
Berniej -- Complete the "Recovery Rebait Credit Worksheet" on page 58 or 59 of the IRS Tax Year 2020 1040 and 1040-SR Instructions. This worksheet will reconcile your payments and the last line (line 21) will be transferred to line 30 of IRS form 1040. The worksheet does not need to be forwarded to the IRS, but should be kept in your records (some tax software programs will calculate line 30 after you answer essentially the questions from the worksheet.) Your entry on line 30 should match the IRS records and should equate to what payments you received (or didn't receive,) so yes, you are telling them what you received. Cheers, 255
Thanks for the info
 
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