Why do I owe money when I take out stimulus and owe the exact amount of the new 2021 stimulus?

[natcan123]

Stimulus check from 2020 seems to reduce my tax refund for 2021.
why when I enter stimulus from 2020 online Turbo Tax, refund vanishes. Why do I owe money when I take out stimulus and owe the exact amount of the new 2021 stimulus?
Is this weird to anybody else -I owe the same amount for 2020 of the new 2021 stimulus etc?

[xmasbaby0]

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.  The software starts off by giving you the stimulus money.   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.

[natcan123]

No you are incorrect !!

I filed my 2020 taxes early this year, before anybody recieved the 2021 stimulus.

When adding the 2020 stimulus to my Turbo Tax online Fed Tax said I owned same amount I was going to recieve in 2021 Fed stimulus.

When I took out that I recieved the 2020 Stimulus Fed owned me $300.  I feel there is some glitch. Doesn't make sense I have to owe the same amount for 2020 that I'm about to recieve in Fed 2021 Stimulus???? (speaking in past tense now)

So I basically didn't get a stimulus for 2021 if I owe 2020 the same amount.  Something does not feel right.

[xmasbaby0]

The first stimulus checks were sent out in 2020.    If you received the full amount, you got $1200 for each spouse and $500 for each child under the age of 17.   The second checks went out in late 2020 and early 2021---for $600 per spouse and $600 for a child under the age of 17.   The recovery rebate credit asks you if you received the amounts for those two rounds of checks.   If you received them you have to say yes that you received them.

Until you say yes that you received the checks....the software is putting the checks into your refund as if you did not get them.   When you tell the software that you got the checks, it takes the stimulus money out---because you cannot get it twice.

None of this has anything to do with the 3rd stimulus check for $1400.    That is a separate check and there is no place to put anything about it on your 2020 return.

[natcan123]

Whatever happend with completing the 2020 Turbo Tax with 2020 Stimulus is/was "not" user friendly. I'm not sure if this is a software glitch or something else.

The steps that you wrote about could be explained at the time of personal data entry or enable simple contact to a Turbo Tax customer service agent with questions, I tried nobody was available to assist in any way.

I'm sure you understand the stimulus for 2020 tax purposes. However, for me the whole entire process still doesn't make sense when I owe the same amount a just recieved in 2021 stimulus.

I appreciated you reaching out, but your explaination doesn't assist the Turbo Tax 2020 data entry for stimulus purposes, especially for a layperson.