I'm running my taxes for the year and TT is showing a federal refund of 3980 BEFORE I enter the $1200 and $600 stimulus payments. Once I enter those 2 amounts, the refund drops by $1800 to $2180.
Is this right? I thought those payments weren't being counted as income or being taxed, yet my refund is smaller by the amount of those payments?!? Something doesn't seem right to me.
My AGI for 2020 is $65,400, well under the income limit for the stimulus money.
Can anyone please explain this to me?
Thanks.
