topic Re: Stimulus in Deductions & credits

Stimulus

KurtAlbrecht — Tue, 26 Jan 2021 13:31:23 GMT

I tried the Tax calculator. If I add in the stimulus check we got last year. My refund drops by that much. Thought it wasnt suppose to affect your refund.

Re: Stimulus

xmasbaby0 — Tue, 26 Jan 2021 13:44:47 GMT

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. 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

KurtAlbrecht — Tue, 26 Jan 2021 13:48:25 GMT

Ok that makes sense now. Thanks.

Re: Stimulus

Hal_Al — Tue, 26 Jan 2021 13:49:27 GMT

It sounds like the tax calculator initially gave you’re the rebate credit (line 30 on the 2020 form 1040) before you told it that you already received it. Which number looks "right", before or after?

The tax calculator is only a quick look and not what to actually file.