What screen in Lacerte do i record stimulus payment transactions (i.e. payment due but never received) in 2020?

Forum|Forum|5 years ago
December 29, 2020
4 replies
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Lacerte Tax

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George4Tacks

Level 15

Stimulus? Not the proper word. https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/economic-impact-payment-2020-lacerte/00/106608

Answers are easy. Questions are hard!

itonewbie

Level 15

Also take a look at this: https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/stimulis-payment/00/109935

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

The input is on Screen 38.2 under Recovery Rebate Credit.

---------------------------------------------------------------------------------Still an AllStar

George4Tacks

Level 15

Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?

Answers are easy. Questions are hard!

itonewbie

Level 15

@George4Tacks wrote:
Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?

Lol, you're trying to test me. 🙂 Technically, no.

Too many terms thrown around by the IRS and press. The proper terminology in the Code for EIP or stimulus payment is actually advance refund - literally, that's an advance of the Recovery Rebate (as it is officially named under §6428).

The Recovery Rebate is a credit that will be claimed on the 2020 return and it must be reconciled against the advance refund (i.e. EIP aka stimulus payment) folks received.

---------------------------------------------------------------------------------Still an AllStar

abctax55

Level 15

@dvinegrad

Based on your posts, you appear to be new to Lacerte. This \|/ will help you:

Lacerte has this snifty feature:
Go to where you expect the info/amount to appear. Right click on that field, then click on "jump to input". That will *usually* take you to where you to input the info (or give you the various options when there are multiple places).

Also, please be aware that this early in the game, not ALL (even most?) forms are ready.

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