Stimulus

KJD5656 · ‎February 15, 2021

Using Turbo Tax Deluxe. When I entered the amount we received from Rounds 1 & 2 of Stimulus, my refund went from $3200 to owing $548. Can that be correct?

JamesG1 · ‎February 15, 2021

It may be correct.

Before you enter the amount of the stimulus payments at the screen Did you get a stimulus payment?, you have already been given the full Recovery Rebate Credit (the equivalent of the two stimulus payments). This can be found on line 30 of the 2020 Federal tax return. At this point, this is an 'incomplete' Recovery Rebate Credit.

You can see this on the screen Great news! You qualify for the stimulus credit. The amount is displayed in the center of the page.

After you enter stimulus payment 1 and stimulus payment 2, the credit is offset by the stimulus payments and the 'incomplete' Rebate Recovery Credit is reduced or eliminated.

See this TurboTax Help.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

JamesG1 · ‎February 15, 2021

It may be correct.

Before you enter the amount of the stimulus payments at the screen Did you get a stimulus payment?, you have already been given the full Recovery Rebate Credit (the equivalent of the two stimulus payments). This can be found on line 30 of the 2020 Federal tax return. At this point, this is an 'incomplete' Recovery Rebate Credit.

You can see this on the screen Great news! You qualify for the stimulus credit. The amount is displayed in the center of the page.

After you enter stimulus payment 1 and stimulus payment 2, the credit is offset by the stimulus payments and the 'incomplete' Rebate Recovery Credit is reduced or eliminated.

See this TurboTax Help.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"