- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Ok...this is what happens.
When there is no stimulus payments received the program will correctly enter a credit on your tax return on Line 30 which you are eligible to receive based on the information presented on your 2020 federal tax return, filing status, dependents and adjusted gross income. In this case the amount would be $3,524. This amount reduces your federal taxes owed from ($6,743 (-) $3,524) to $3,219.
However, you received and entered stimulus payments in the amount of $3,472. Since the original credit of $3,524 cannot be used, the program entered the difference of $52 on Line 30. So now the amount of taxes owed is correctly calculated ($6,743 (-) $52) to $6,691.
‎February 4, 2021
12:39 PM