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catbutt6-
Level 1
March 17, 2021
Question

I thought the stimulus payments were not taxable but when I remove them (zero out) it changes my return dramatically. Are stimulus payments taxable?

  • March 17, 2021
  • 4 replies
  • 17 views
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4 replies

E
ErnieS0
Level 15
March 17, 2021

No. The stimulus payments are not taxable.

 

Your refund may have dropped because the payments were originally added to your refund because you said you did not receive any payments. After you zeroed them out to show you received all your stimulus then TurboTax took those payment off your tax return.

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R
RKL53
Level 2
March 30, 2021

I had the same issue: my refund dropped significantly after I confirmed receiving both 2020 stimulus payments.  You mentioned "zeroing out" the payments may have caused the drop for another questioner but I've only confirmed the amounts TT showed I was eligible for and the refund dropped 20%.

fanfare
fanfare
Level 15
March 30, 2021

The stimulus payments EIP1 and EIP2

are big money - credits -  so you should expect big changes if you change those numbers.

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