I did some poor internet digging and since it is a government subsidy it isn't taxable income (right?). I am clearly no expert here, but if my return is going to be a lot less than I was expecting then I need to come up with a plan B for my financials. If someone could explain the process behind stimulus checks and how it affects my refund I would really appreciate it!
You already got the 3rd Stimulus for 1400 per person? Did it also show up on your tax return 1040 line 30? Line 30 is only if you didn't get the full amount or qualify for more. If the IRS records show they already sent it to you they will remove it from line 30 and reduce your refund or send you a bill. You don't have to do anything.
Right, it is not taxable and you are not paying it back. But you tried to claim it again on line 30. You can't get it twice.
Thank you for the quick response! When I was filling out my taxes on TurboTax it asked me "did you get the third stimulus" and I selected "no" because I didn't check both of my bank accounts. Turns out I did, so when I submitted my taxes stating that I didn't, my refund was including the $1400 that I thought I didn't recieve? So m refund will be $1,400 less than expected?
Thanks!
@nataliesmith106 wrote:
so when I submitted my taxes stating that I didn't, my refund was including the $1400 that I thought I didn't recieve? So m refund will be $1,400 less than expected?
Yes, that's exactly right.