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://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.
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
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.
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.
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
The IRS took my last stimulus check value from my tax return. Surprisingly I thought these payments were free of any future payback.
@oldtrail wrote:
The IRS took my last stimulus check value from my tax return. Surprisingly I thought these payments were free of any future payback.
You must have indicated that you did Not receive the 3rd stimulus payment. The Recovery Rebate Credit would have been entered on your federal tax return. The IRS records show that you were sent the 3rd stimulus payment so the Recovery Rebate Credit was removed from your tax return.
This happened to me. I thought we didn't have to pay it back, but wrong.
@oldtrail wrote:
The IRS took my last stimulus check value from my tax return. Surprisingly I thought these payments were free of any future payback.
They are not. But you cannot receive the same stimulus payment twice. Answered in your other post.
Where can I find the criteria that the IRS uses to base the taking or not at?
@oldtrail wrote:
Where can I find the criteria that the IRS uses to base the taking or not at?
Go to your IRS tax account - https://www.irs.gov/payments/your-online-account
If your account shows that you received the 3rd stimulus payment of $1,400 then that is why the IRS removed the Recovery Rebate Credit of $1,400 because you already received the stimulus.
I tried to tell everyone I knew it was an Advance meaning they give it to you now then take it off the top at tax time no one wanted to listen to me now everyone I know is saying the same thing and their pissed
@Court122 wrote:
I tried to tell everyone I knew it was an Advance meaning they give it to you now then take it off the top at tax time no one wanted to listen to me now everyone I know is saying the same thing and their pissed
The $1,400 stimulus payment you received in the March - May 2021 timeframe was most defiantly NOT an advance. It was a government payment to you and is not entered on the 2021 tax return as taxable income.
However, you do have to indicate on the 2021 tax return if you received the 3rd stimulus or not. If you indicate that you did NOT receive the stimulus payment then you are eligible for the Recovery Rebate Credit of $1,400 on your federal tax return Form 1040 as a credit.
Once you file the 2021 tax return the IRS reviews your entries. If the IRS has records which show that the 3rd stimulus payment was sent to you they will remove the Recovery Rebate Credit from your tax return.
You cannot receive the same stimulus payment twice.
I did NOT receive the 3rd stimulus check and it was still taken. I put that down on my line 30 and it still showed up. Why?
We did not receive a third stimulus check. We did receive the first two. The IRS deducted $2800 off the top. Were those two checks loans or what?
@LMoses77 No the stimulus checks were not loans. If the IRS took $2800 from your refund then the IRS thinks you received the 3rd stimulus payment already.
LOTS of people have made mistakes this year with the recovery rebate credit by "forgetting" that they received the $1400 per person stimulus checks last year. They answered no to the questions for the recovery recovery rebate credit and put the $1400 per person on line 30 of their returns. But you cannot get it twice, so the IRS removes it when it is there by mistake.
Try checking your online account with the IRS
https://www.irs.gov/payments/your-online-account
Does the IRS show that you received a $1400 stimulus or EIP check in 2021? Did you receive it? When you were asked on your tax return did you say no? Was there $2800 on line 30 of your tax return?
If the IRS says you got $2800 last year but you did not receive it you can have it traced.
LOST THIRD STIMULUS CHECK
Okay so I didn't get my third stimulus (nor did I forget because I was living paycheck to paycheck at the time)
But yeah, I did my tax return, it asked if I got a stimulus payment and I said no. Then it still asked me to enter the amount for what I received on my letter they mailed me (which I didn't get either because I didn't get anything) and I put $0.
So I went ahead and checked my 2021 Return Doc for Box 30 and it has $1400 listed on there. So does that being there mean they believed I already got the third stimulus?
I'm contacting my bank tomorrow, along with requesting a tracker to prove that I didn't receive anything.
No. It's the opposite @snharris623. The amount on Form 1040, line 30 is added to your refund as a Rebate Recovery Credit.
You filled out your return correctly. If you did not receive a third stimulus payment. the only way to get it is to add the amount to your refund. TurboTax did that. The IRS is no longer sending checks or deposits.
Understood, but I was expecting $2600 back and even turbo tax states that's the amount I should receive. So if I physically didn't get my third stimulus and its saying on my taxes that I received it, how come it is still less than the amount I earned on my 2021 taxes?
Ok ... do you mean your refund sent by the IRS is short the $1400 stimulus credit amount? If so then the IRS believes it did send the money even if you didn't get it so your only option is to have a trace put on the missing money ... last year they sent some payments out on prepaid debit cards that looked like junk mail and many folks tossed it away.
You should request a payment trace to track your payment if the IRS (https://www.irs.gov/newsroom/recovery-rebate-credit) shows a payment was issued to you and you have not received it within the timeframes below.
IRS assistors cannot initiate a payment trace unless it has been:
If the checks were not cashed, the IRS will issue you a new ones.
To start a payment trace:
For more information, please see Topic J: Payment Issued but Lost, Stolen, Destroyed or Not Received
Yes, sorry I should have been more clear!
But I didn't receive it in 2021 when issued, so I reported it on my 2021 return and it took more than 21 days to get my refund deposited. I just now got my refund deposited and it was $1400 shorter than expected. So just wasn't sure if they thought I already received it and that's why it took longer/amount was less.
I appreciate this information! I will get started on the request to trace the payment and hopefully it gets sorted out!