Why would my actual refund be different from what was shown on my tax return? My refund was exactly $600 less than what was shown on my return.

[brsmmp]

The bank deposit of my refund was $600 less than the refund amount shown on my tax return, minus the fees to pay for the preparation. That's exactly the same amount as my stimulus payment was last month. Did they deduct the stimulus payment from my tax refund?

[SweetieJean · Accepted solution]

There has been some confusion among taxpayers regarding the Recovery Rebate Credit (Form 1040, line 30), so they may be answering the stimulus questions wrong.   Did you file for that credit by saying you did not receive that $600 payment?   Or did it come after you filed?  If so, the IRS adjusted accordingly.  Or perhaps the IRS determined that you were not entitled to that stimulus, and so took it away.  Or, it is completely unrelated to the stimulus.  In any case, they will be mailing you a letter, so wait for it.

[Cynthiad66 · Accepted solution]

If you prepared your Tax return prior to receiving the stimulus and it was included in the refund then they would reduce your refund to account for that change.

However, there are several reasons why your refund could be reduced.  But, since you said you received the Stimulus last month, the obviously, the refund was reduced because you received the Stimulus already.

Stimulus payments were advances on the Recovery Rebate Credit.

If you received the full amount of both stimulus payments (Economic Impact Payments), you won’t get any additional credit on your return this year since you’ve already received the full amount of the credit as stimulus payments.

If you didn't receive the full amount for your first or second-round stimulus payments, we'll help you claim the Recovery Rebate Credit when you file your taxes this year.