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Level 2

Solved

Economic Impact Payment

Forum|Forum|4 years ago
April 19, 2022
1 reply
0 views

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

Best answer by xmasbaby0

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.

Answer

Level 15

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

jthomp9283Author

Level 2

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?

Level 15

Yes, that is correct.

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