Filing taxes for 2021

Forum|Forum|4 years ago
January 5, 2022
1 reply
4 views

I did tax caster just to get an idea of tax refund this year. All is well, until I enter in our 3rd stimulus check amount. It takes the whole entire stimulus off my refund. I'm confused. I didn't think k we needed to pay that back.

Not A Product Question

ThomasM125

Level 15

You don't need to pay tax on your rebate check, or pay it back.

Probably what happened is your tax return showed the rebate check being refunded to you, assuming you did not receive it. So, when you indicated that you did receive it, it was subtracted from your refund.

In other words, TurboTax assumed you didn't receive the rebate check, so it was added to your refund, until you indicated that you already received it, so then it was subtracted back off.

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xmasbaby0

Level 15

You probably did not go all the way through the taxcaster to the part where it asks if you received the 3rd stimulus-----it starts out putting the stimulus into your estimated "refund" but when you enter the fact that you received it already---it goes away. It's kind of an unfortunate illusion---it looks like you are getting a bigger refund until the software is told you already got the stimulus.

You are not being taxed on your stimulus, nor are you paying it back. You just do not get 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.**