topic Stimulus Payment in Get your taxes done using TurboTax

Stimulus Payment

PR03 — Sun, 07 Mar 2021 20:29:46 GMT

Everything I have read regarding the two stimulus payments says that it will not affect the amount of taxes owed or the amount of your refund when you file your 2020 taxes unless you were underpaid. However, when I enter the payments I have received into Turbotax, it reduces my refund. Why?

Re: Stimulus Payment

xmasbaby0 — Sun, 07 Mar 2021 20:33:32 GMT

Follow the math.

You might have become confused by the flow of information in the software. That "refund monitor" on your screen displays a "refund" amount that includes the stimulus money. as part of your 2020 refund. The software starts off by giving you the stimulus money. But later when you enter the amount of stimulus you really received already, it removes the stimulus already given to you. And it looks to you like you "lost" your refund, But ---you do not get the same stimulus money twice--that is why it came out.

Look on line 30 of your Form 1040 for your recovery rebate amount.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Stimulus Payment

PR03 — Sun, 07 Mar 2021 20:43:53 GMT

How can it originally include the money when I ever told it how much I got? When I first started my taxes in January, it never prompted me to enter anything about the stimulus payments. I finished up my taxes then and was just needing to file them. When I went back into the software to file, it at that point prompted me to enter the amount of my payments and then it reduced the amount of my refund.