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Yes, the stimulus payments are not taxable income. But to calculate the correct Recovery Rebate Credit amount you have to enter the stimulus payments received into TurboTax
Before you entered the stimulus payments received the refund/ amount due 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.
I am not getting a refund, I owe for 2020. But when I entered the stimulus check amounts per turbotax instructions, my "owe amount" went from $800 to over $2000. Can I just leave the stimulus part blank?
@klmhrm2019 wrote:
I am not getting a refund, I owe for 2020. But when I entered the stimulus check amounts per turbotax instructions, my "owe amount" went from $800 to over $2000. Can I just leave the stimulus part blank?
As stated in the answer provided, the program entered the maximum credit you were eligible to receive if you did not receive any stimulus payments. When you entered the amount that you actually received the credit Must be reduced to reflect your received payment. What you owe is the $2000+ in taxes.
If you leave it blank it will give you the Stimulus payment again on your tax return.
Yes you can see your refund or tax due change when you enter the Stimulus payments. Your 2020 return starts out by assuming you didn't get any Stimulus payments so it gives you credit for the full amount. Then near the end you enter how much you actually got so it only gives you the difference if any. You don't get it twice.
Check 1040 line 30 for the Recovery rebate credit. It either adds to your refund or reduced a tax due. Before filing, You can preview the 1040 or print the whole return
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