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jthomp9283
Returning Member

Economic Impact Payment

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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2 Best answer

Accepted Solutions

Economic Impact Payment

 

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.**

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Economic Impact Payment

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.

**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.**

View solution in original post

5 Replies

Economic Impact Payment

 

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.**
jthomp9283
Returning Member

Economic Impact Payment

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
Returning Member

Economic Impact Payment

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
Expert Alumni

Economic Impact Payment

Yes, that is correct.

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Economic Impact Payment

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.

**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.**
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