Less money

The stimulus payment was not taken out of your tax refund.

Your refund is not based on how much you made. It depends on how much tax you had withheld from your pay during the year, compared to the total tax that you have to pay for the year, calculated on your tax return. If the tax that you had withheld is more than your total tax for the year, you get a refund of the excess. If your withholding was only a little bit more than your total tax, the refund will be small.

If you are comparing to last year, compare your 2019 and 2020 tax returns line by line and see where the significant differences are. The line numbers are different, so you have to look at the description of each line.

How much money is returned to you will depend on how much money was paid in, or withheld, throughout the year. Check on your paystub for the last paycheck of 2020. There will be year-to-date information including what amount was withheld. To avoid not having enough paid in for 2021, adjust your withholdings by submitting a new W-4. TurboTax will help. See: How do I update my 2020 withholdings and print a new W-4?

The stimulus money is not taxable, so it should not have any impact on your refund. But, the stimulus payments should still be reported. 

To do this in TurboTax, follow these steps:

1. Go to the search box and enter stimulus. Click the Jump to link.
2. Answer Yes.
3. At the next screen, Let's double-check the amount you received, answer No to edit the first-round and second-round amounts.
4. If no stimulus amount was received, enter 0. An amount should be entered in each box. When finished, click Continue.

For more descriptions of what could have impacted withholding in 2020, see: Why did my refund go down compared to last year's?