How does the stimulus checks affect your income tax return.?

[DoninGA]

Economic Impact Payments (stimulus) is not taxable income and is only entered on your tax return as a tax credit if you have not yet received a payment.

[ringalls52]

so if i was to get a $400 refund on federal return. since i received $2400 stimulus checks. I will owe $2100.

[DoninGA]

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@ringalls52 wrote:

so if i was to get a $400 refund on federal return. since i received $2400 stimulus checks. I will owe $2100.

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No.  If you have a $400 federal tax refund and you have received all of your stimulus payments, your federal tax refund will still be $400 on the 2020 federal tax return.

[ringalls52]

is there a problem with the software? it does not do that

[ringalls52]

if i enter $0 on stimulus checks i get a refund but if i enter the $2400 stimulus checks it states i owe $2100.

[DoninGA]

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@ringalls52 wrote:

if i enter $0 on stimulus checks i get a refund but if i enter the $2400 stimulus checks it states i owe $2100.

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The stimulus payment that you did NOT receive but were eligible to receive is entered on the federal tax return , Form 1040 on Line 30 as a tax credit.  The credit either increases your federal tax refund or decreases the amount of taxes owed.  It cannot increase your taxes owed.

On the stimulus payment page you must only enter the stimulus payment actually received.  If you did Not receive a payment at all enter a 0 (zero).

You can look at the Form 1040 Line 30 and see what is entered.   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.

If you are seeing your refund decreasing when entering the stimulus payment or the taxes owed increasing, close the TurboTax window.  Clear cache and cookies on your web browser.  Close and re-open the browser.  Access your online account again - https://myturbotax.intuit.com/

If the problem persists change your web browser to either Google Chrome, Mozilla Firefox or Windows Edge.

If still a problem contact TurboTax support for assistance.

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