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How would you properly categorize & list tax reporting for corona-virus stimulus check deposit?

riggz609

Hi all, How would you properly categorize & list tax reporting for corona-virus stimulus check deposit?

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splasher

Either create a category for it without any tax line assigned to it or maybe "Misc". Whatever you pick, it should not have any tax line association since it is tax free.

Picking "tax credit" with a tax line associated was an incorrect selection.

UKR

I've categorized this windfall as "Misc Other Income", a category which is not associated with a tax line item.
As far as the budget is concerned, I wouldn't worry about it too much. For me, this month looks a little less obscene than the other months with just regular Soc Sec income minus lots of expenses.

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Tom Young

The initial round of checks were tax free so they don't need to be included in any tax report.

volvogirl

We may need to reconcile it on our 2020 return next year if you didn't get the right amount, like missing a dependent.

riggz609

But what would you categorize it under? I put it in as a tax credit but that causes it to show up as a credit and reduces my amount spent in my budget for the month...not sure what to re-categorize it as to keep it form factoring in on the monthly budget?

splasher

Either create a category for it without any tax line assigned to it or maybe "Misc". Whatever you pick, it should not have any tax line association since it is tax free.

Picking "tax credit" with a tax line associated was an incorrect selection.

UKR

riggz609

Thanks everyone!