topic Re: Turbo Tax 3600 credit! What is it? in Deductions & credits

Turbo Tax 3600 credit! What is it?

Rick90 — Fri, 05 Mar 2021 02:42:49 GMT

I entered my estimated Tax payments, But when my Tax is computed there is also a $3600 credit. What is it and why do I get it?

Re: Turbo Tax 3600 credit! What is it?

ErnieS0 — Fri, 05 Mar 2021 03:44:27 GMT

This sounds like your stimulus credit. The IRS is adding any stimulus payments that you did not receive as a credit on your tax return. $3,600 is the full stimulus for two adults ($1,200 x 2 + $600 x 2). If there's a $3,600 credit, it means you said you did not receive any stimulus.

If that is wrong and you did get some or all of the stimulus checks, go back to the stimulus area and change the numbers.

Type stimulus in Search in the upper right
Click jump to stimulus

Re: Turbo Tax 3600 credit! What is it?

Rick90 — Sun, 07 Mar 2021 17:41:39 GMT

Somehow I had not checked that we had received our stimulus checks from the Government. We therefor could claim them as a credit for our Taxes. Once I went back and checked that we had received our stimulus checks, the credit disappeared.

Re: Turbo Tax 3600 credit! What is it?

DoninGA — Sun, 07 Mar 2021 17:45:15 GMT

@Rick90 wrote:

Somehow I had not checked that we had received our stimulus checks from the Government. We therefor could claim them as a credit for our Taxes. Once I went back and checked that we had received our stimulus checks, the credit disappeared.

Correct. You cannot receive the stimulus payments and the Recovery Rebate Credit. Double dipping is not allowed.