Good Monday morning.
Curious what category people are going to put this into Q as, assuming you're 'lucky' enough to be getting it? It's not taxable. It's also not a tax "refund". Doesn't really fit into anything I already have. I tentatively have it as 'Gift Income', but that doesn't seem quite right either. (Maybe create a sub category of Gift as "Government Economic Impact Payment"?) Nothing really seems to 'fit'.
A few weeks ago I saw a story that said it should be considered a credit against taxes paid. So, definitely not income. OTOH it shouldn't show up in next years tax calculation either, so not a refund. How does EITC work?
I would use the "Tax Free Income" income category I created years ago for other tax free income we've recieved over the years.
"Miscellaneous Income" will do just fine.
Yes, "Tax Free Income" or "Miscellaneous Income" are suitible candidates. Maybe I'll create a tax-free subcategory under Miscellaneous; will have to see what i have there already when it hits my books.
Well, Quicken only has a "DEPOSIT" or "PAYMENT" column amounts in my checking log, so even though you are technically right about what to call it accounting-wise (or IRS-speak wise), to me, it is INCOME. I don't feed any of my Quicken data directly in TurboTax.
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