Economic Impact Payment

[jthomp9283]

When i added my economic impact payment I received it added the amount to my taxes due. I thought this was not taxable?

[xmasbaby0 · Accepted solution]

What you may not realize is that as soon as you began to prepare your tax return, the software was giving you the $1400 and it was shown on that "refund monitor" -----but when you entered that you received it already, the software had to reconcile the payment you received,   You cannot get it twice---so it looked to you like you "lost" $1400.   You did not lose it or oay tax on it---you just cannot receive it twice.

[jthomp9283]

So to make sure I am understanding you right, Turbo Tax was crediting it to my taxes due since they did not know I had received it but you are saying that when I put the amount I actually received it took the credit away, right?

[jthomp9283]

So to make sure I am understanding you right, Turbo Tax was crediting it to my taxes due since they did not know I had received it but you are saying that when I put the amount I actually received it took the credit away, right?

[JulieS]

Yes, that is correct.

[xmasbaby0 · Accepted solution]

That's right because you cannot get the $1400 per person twice.   So when you entered that you had received it, it disappeared from line 30 on your Form 1040.