topic I received the recovery rebate credit for both stimulus payments but did not receive any money back for the actual fed taxes I paid during the year. Is this normal? in State tax filing

I received the recovery rebate credit for both stimulus payments but did not receive any money back for the actual fed taxes I paid during the year. Is this normal?

mbach25 — Sat, 06 Mar 2021 08:32:45 GMT

My total federal return came out to $1870. $1800 from the missing 2 stimulus payments and $70 from the refundable tax credit. But I did not receive any return on my actual federal taxes that I paid in 2020. Is this unusual? and how can I fix this?

Re: I received the recovery rebate credit for both stimulus payments but did not receive any mone...

DanaB27 — Sat, 06 Mar 2021 13:53:31 GMT

No, that is not unusual. It just means that you had about the right amount withheld during the year to cover your taxes. If yo prefer a bigger refund when preparing your taxes instead of having the money during the year then you might have to withhold more during the year. You will have to adjust your W-4. Please see IRS Tax Withholding Estimator.

It might be helpful for you to compare your return line for line with your previous year to see what changed.

Re: I received the recovery rebate credit for both stimulus payments but did not receive any mone...

mbach25 — Thu, 11 Mar 2021 07:25:12 GMT

It seems to be unusual for me since it looks that I only received the stimulus payments of $1800 and the food credit of $70. Where is the return on top of that for the taxes I paid? I made less than 40k and filed single for 2020.

Re: I received the recovery rebate credit for both stimulus payments but did not receive any mone...

DMarkM1 — Thu, 11 Mar 2021 13:58:49 GMT

If the amount of taxes you had withheld (W2 box 2) is the right amount to cover the tax on your taxable income, then your refund would be zero.

If withholding was more than enough to cover the taxes, then you would get a refund.

If not enough to cover the taxes then you would owe on your return.

To see what your taxable income is and the tax on that amount you can view the forms in TurboTax online versions with these steps. Look at lines 15 and 16 on your form 1040.

Click "Tax Tools" in the left hand menu
Click "Tools"
Click "View Tax Summary"
Click "Preview My 1040" in the left hand menu

If want to have bigger refunds you need to work with your employer to file a new Form W4 to have more taxes withheld from your pay during the year. You will have smaller paychecks.

Here is a calculator to help create a W4 if you need it.