TurboTax asks about the 3rd stimulus payment received as part of the calculation of the Recovery Rebate Credit. This credit is for taxpayers who did not receive all or some of the payment in 2021. You are required to report if you received any money.
In the interview, TurboTax does not automatically populate the amount you received for the 3rd stimulus payment. Instead, it assumes your payment amount is $0 (since the box is empty until you populate it) and estimates the full amount included in your refund. When you complete the box with the amount you already received, it is merely removing that amount from your refund to properly reflect that you already received. If you did not enter this information prior to filing your return, the IRS will adjust your return based on their records of payment.
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