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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
TT increases my federal taxes owed when I put in the 1200 stimulus check.
Why is that?
I thought the stimulus checks were not taxable.
Thanks.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
Where did you enter it? The stimulus check is not taxable nor can it increase your tax due. Did you enter it in the wrong place?
The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021
The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”) If you are eligible it will end up on line 30 of your 2020 Form 1040.
Make sure that you enter ALL of the stimulus money received for the 1st ad 2nd stimulus for yourself, your spouse and your children.
https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
Yes, this is in the Federal review area.
Before I put in the $1200, my fed taxes owed are $1213.
After I put in the $1200, and click Continue, my fed taxes owed are $1851.
Then it says:
GREAT NEWS. You qualify for the stimulus credit. ($38)
My taxable income is 73k.
What is wrong here?
Thanks.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
Edit:
(the amount that I got was $575 - I finally found it)
Before I put in the $575, my fed taxes owed are $1213.
After I put in the $575, and click Continue, my fed taxes owed are $1788.
Then it says:
GREAT NEWS. You qualify for the stimulus credit. ($101)
My taxable income is 73k.
What is wrong here?
Thanks.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
Does anyone know what is wrong here?
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
@MacTigger wrote:
Does anyone know what is wrong here?
There is nothing wrong.
The program enters your stimulus tax credit amount assuming you have not received any stimulus payments. The amount is based on the information on your 2020 tax return.
When you enter the actual stimulus payments received this reduces the amount of tax credits on your tax return.
The credits either increase your federal tax refund or reduce the federal taxes owed.
Look at your tax return, Form 1040 Line 30 for the tax credits.
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
There is no Tax Tools on the left side of the screen.
I am using the desktop client, not online.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
@MacTigger wrote:
There is no Tax Tools on the left side of the screen.
I am using the desktop client, not online.
Click on Forms. When in Forms mode click on the Form 1040 on the left side of the screen to open the form.
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TT increases my federal taxes owed when I put in the 1200 stimulus check - Why?
I see.
Thanks very much.