☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 6, 2021 3:48:17 AM

Did you receive a stimulus payment?

Will I owe taxes on my stimulus payment?

No, your stimulus payment isn’t taxable. It won’t reduce your refund or increase what you owe when you file your taxes this year. It’s also not considered income, so it won’t affect your eligibility for any federal government assistance or benefits.

So when I answer the question, Did you and Tanya get a Stimulus Payment and fill in the amounts we received, Federal Tax Due goes from $269.00 to $3869.00. Increases by the exact amount we received. It clearly states that it will not Increase the amount I owe, but it is.

0 1 132
1 Replies
Expert Alumni
Feb 6, 2021 5:03:30 AM

Correct, the stimulus payments are not taxable. But before you entered the stimulus payments received the refund included the amount of Recovery Rebate Credits as if you didn't receive any stimulus payments. Once you entered the stimulus payments it took the Recovery Rebate Credit off and showed the correct amount.

 

 

  1. Log into TurboTax.
  2. After entering all your information click "Federal Review" at the top of your screen. 
  3. On the screen "Let's make sure you got the right stimulus amount" click "Continue".
  4. You will be asked about the amounts of first round and second round stimulus payments you received.  If you did not receive a payment enter "0".
  5. TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get. 
  6. Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.

 

For additional information please see Stimulus FAQ at the end of the TurboTax article.