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Investors & landlords
Possibly. A larger refund could be because of the stimulus, if you qualified for the Rebate Recovery Credit in 2020. Regarding your age, parents can still claim dependents in school full-time up to age 24.
To qualify for the Rebate Recovery Credit, the IRS states:
"Generally, you are eligible to claim the Recovery Rebate Credit if you were a U.S. citizen or U.S. resident alien in 2020, cannot be claimed as a dependent of another taxpayer for tax year 2020, and have a Social Security number valid for employment that is issued before the due date of your 2020 tax return (including extensions)."
I recommend checking your input and checking this IRS site: Get My Payment Link to confirm your results.
To return to this area in TurboTax, follow these steps:
- In your return, click the Other Tax Situations tab toward the top of the page
- Scroll down to the end and click Let's keep going
- At Let's make sure you got the right stimulus amount, click Continue
- Be sure to report an amount for each of the stimulus payments as received. If the particular payment was not received at all, enter 0 and click Continue