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