Will Quicken be supporting communication of Recovery Rebate Credit (Stimulus Check) into Turbo Tax?
Larry B.
Quicken Windows Subscription Member
Craig Tsuchiya’s blog entry from January 27, 2021, “Tax Prep Checklist: 13 Key Forms & Reports You’ll Need” is very good, but it doesn’t include the Recovery Rebate Credit. This is important information that everyone will need for their tax return preparation.
The Economic Impact Payments, Part I and Part II, are also referred to as the Stimulus Check. They do not have a current category or tag in Quicken. But you’ll need to know what the payments were for your taxes. These payments are technically tax credits. So let’s include them in the category of Tax and create a new subcategory to identify them. The IRS Form 1040 lists these payments on line 30 as Recovery Rebate Credit.
To edit the Category List, from the main menu, select Tools > Category List (Ctrl+Shift+C). Scroll down or search to Tax.
Select the main Tax category and press the New Category button at the upper right. A New Category Dialogue box will open. Enter the Category name of Recovery Rebate Credit. Check the Subcategory of button, and select Tax Refund.
Select the Tax Reporting tab and check the Tax related category box and the Extended line item list. Note: this is where Quicken needs to create a new subcategory: Recovery Rebate Credit. There should actually be two categories, Part I and Part II. Tax preparation rules and software will handle these entries separately. [In my trial run, I used the Tax Line item “Form 1040 Sick pay or disability pay” to see how this affects reporting.]
To get a report with these entries select Reports>Tax>Tax Schedule. The default date range of Current year will include the Part II payment. Selecting 2020 will include the Part I payment. Since these payments occurred in different calendar years you will need to get both reports. Both payments need to be included in your 2020 Income Tax filing.
The Economic Impact Payments, Part I and Part II, are also referred to as the Stimulus Check. They do not have a current category or tag in Quicken. But you’ll need to know what the payments were for your taxes. These payments are technically tax credits. So let’s include them in the category of Tax and create a new subcategory to identify them. The IRS Form 1040 lists these payments on line 30 as Recovery Rebate Credit.
To edit the Category List, from the main menu, select Tools > Category List (Ctrl+Shift+C). Scroll down or search to Tax.
Select the main Tax category and press the New Category button at the upper right. A New Category Dialogue box will open. Enter the Category name of Recovery Rebate Credit. Check the Subcategory of button, and select Tax Refund.
Select the Tax Reporting tab and check the Tax related category box and the Extended line item list. Note: this is where Quicken needs to create a new subcategory: Recovery Rebate Credit. There should actually be two categories, Part I and Part II. Tax preparation rules and software will handle these entries separately. [In my trial run, I used the Tax Line item “Form 1040 Sick pay or disability pay” to see how this affects reporting.]
To get a report with these entries select Reports>Tax>Tax Schedule. The default date range of Current year will include the Part II payment. Selecting 2020 will include the Part I payment. Since these payments occurred in different calendar years you will need to get both reports. Both payments need to be included in your 2020 Income Tax filing.
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[EDIT] updated topic title to add - Simulus Check - for better recognition -tnx for the posting and info -0
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