Stimulus Worksheet

[Corduroy Frog]

Don't know whether I'm in the right place for this message or not.

My seminars keep referring to the ever-forthcoming IRS worksheet to calculate or reconcile the stimulus payment received in 2020.  Basis for calculation is 2020 statistics, but I understand there won't be any repayment to the IRS if the taxpayer has been overpaid.

Has anyone seen the IRS worksheet?

[Lion EA]

See the DRAFT instructions for Form 1040 Line 30:

https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

Your software will have its own version of the data entry.

[Corduroy Frog]

Appears on page 57 of instructions, and I suppose it is ready to use if they don't change it. 

Thanks Lion.

[Lion EA]

I like IRS worksheets to see how numbers flow, especially for something new or different. But definitely get used to how your software works re EIP reconciliation.

I remember the first year of HSA deductions and an early-season client. I looked at all my entries, was getting the bottom line I expected, and the 1040 had the numbers right. I had not stepped through the Form 8889 line-by-line, though, because this was one of my rare clients that liked to sit here while I prepared her return. She got home and called me about a number on a wrong line, appearing that she rolled over into an HSA, I think. Luckily, that wrong line yielded the same result -- but I was embarrassed. (That client now lives across the country, so I have a good excuse to prepare her returns without her in my office.) I learned to step through new forms thoroughly, not just data entry but also each line on the final form as it will be filed, no matter how much a client is pushing me to finish!

[Terry D EA]

The worksheet you speak of is used to determine if the taxpayer is due any additional impact payments based on what he/she has already received. I do have a few clients that never received their stimulus payments. This worksheet is used to obtain the payment they should have received but didn't

[grandmabee]

My question is if they didn't get any stimulus payment and they now owe taxes will the stimulus payment just go to pay the taxes due or will they get it refunded.  Everyone who owed taxes still received the stimulus but these people who for some reason did not receive the early payment may now not get it.