MFJ in 2019 MFS in 2020 who reports stimulus check

Forum|Forum|5 years ago
January 6, 2021
2 replies
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My wife and I filed joint in 2019 and got the $2900 stimulus check (1kid, 2 new ones that werent on last years taxes) as expected. This year we are filing separate, and I am claiming the 3 kids, for student loan purposes. When asked what stimulus payment each of us received should we split the amount between the returns, both report the full amount, or one of us report the full amount? My thought is that both reporting the full amount will show overpayment and keep us from getting the 2 new kids amounts.

Best answer by NCPERSON1

each is should report half the money received.. note that TT hasn't updated for the 2nd stimulus check, so when it asked how much received, that should be for the 1st payment only.. Once the software updates, there will be opportunity to enter the 2nd payment.

if you lump the 2 payments together you risk getting the incorrect result.

while I understand the strategy to file separately due to student loans, suggest running your taxes both ways before filing (joint vs. separate) because the tax credits you lose for the children MAY offset the reduced loan repayment benefits you gain given the student loan debt.