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jgray86bps
New Member

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

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5 Replies
xmasbaby0
Level 15

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)  If you are eligible it will end up on line 30 of your 2020 Form 1040.

 

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

 

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

 

IT TOOK MY STIMULUS MONEY AWAY

 

You might have become confused by the flow of information in the software.   That "refund monitor" on your screen displays a "refund" amount that includes the stimulus money. as part of your 2020 refund.   But later when you enter the amount of stimulus you really received already, it removes the stimulus already given to you.   And it looks to you like you "lost" your refund,   But ---you do not get the same stimulus money twice--that is why it came out.

 

 

 

Look on line 30 of your Form 1040 for your recovery rebate amount.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Critter-3
Level 15

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

Your 2020 return starts out by assuming you didn't get any Stimulus payment so it gives you the full amount.  Then near the end you enter how much you actually got so it only gives you the difference if any.  You don't get it twice.

           

Check line 30.  The Recovery rebate credit is on 1040 line 30.  It either adds to your refund or reduced a tax due.

 

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

roodaar26
New Member

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

I entered exactly what we received, so if I enter that I received $1450, why would you subtract that amount from my refund when I already received it.  If the stimulus was something we did not have to repay then why are you taking it out of my refund.

JotikaT2
Employee Tax Expert

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

It probably wasn't being subtracted from your refund.

 

The stimulus payments are not taxable.  However, if you had not put in your stimulus payments before, your return was calculating the Recovery Rebate Credit and that was generating a higher refund.  

 

The amount of the Rebate Recovery Credit is based upon your actual 2020 income tax return you file.  Therefore, if you meet the criteria for the credit, you will receive it when you prepare your 2020 income tax return.  The credit is intended to give those who should have received a stimulus payment but never did a tax credit on their tax returns.  Any excess credit is then refunded to you if there is an overpayment on your tax return.

 

Please see the attached link for more information on who can claim the credit.

 

Recovery Rebate Credit eligibility

 

When you entered your stimulus payment actually received, it removed the Recovery Rebate Credit as you would not be entitled to it.  Therefore, your return is back to its actual refund amount.  

 

@roodaar26

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Critter-3
Level 15

WHY DID YOU TAKE STIMULUS MONEY OUT OF MY FEDERAL REFUND?

@roodaar26 

 

Your 2020 return starts out by assuming you didn't get any Stimulus payment so it gives you the full amount.  Then near the end you enter how much you actually got so it only gives you the difference if any.  You don't get it twice.  This is a poor layout of the program interview flow and the credit should not have been addressed until the screen where you enter the amount already paid  and has confused many users but the stimulus is not taxable you just cannot get it twice.

           

Check line 30.  The Recovery rebate credit is on 1040 line 30.  It either adds to your refund or reduced a tax due.

 

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

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