The amount of taxes owed is based on how much was paid in during the year. If you had changes to your income, such as collected unemployment, it could have changed how much was paid.
For your stimulus payments, this is reported in TurboTax by following these steps:
- Go to the search box and enter stimulus. Click the Jump to link.
- Answer Yes.
- At the next screen, Let's double-check the amount you received, answer No to edit the first-round and second-round amounts.
- If no stimulus amount was received, enter 0. An amount should be entered in each box. When finished, click Continue.
You may want to adjust your withholding for 2021 for the federal and for any state taxes to make sure you have enough taxes taken out going forward.
For other ideas, see: 7 Best Tips to Lower Your Tax Bill
How do I update my 2020 withholdings and print a new W-4?
