IRS Stimulus Payments

[Hanrui]

TurboTax stated that I was eligible for an IRS $XX stimulus payment and asked if I had received it. I selected YES. After I went ahead, TurboTax showed "Credits for Qualifying Children and Other Dependents" on Form 8812 (14f). I have had no dependents for many, many years. Also, the amount of my refund declined by the amount of the stimulus payment entered. This is very confusing to me, TurboTax.

[xmasbaby0]

The "refund monitor" starts off by giving your all of the stimulus money and all of the child tax credit because the software does not know yet that you received stimulus money or that you received some advance child tax credit payments.    That gets reconciled later.

That "refund monitor" changes as you enter information.      That is normal.   And you cannot take it seriously until you enter ALL of your information---even though it is so tempting to believe that the highest amount is the "right" refund.

[Hanrui]

I did enter all the information. TurboTax still generated Schedule 8812: Additional Child Tax Credit.

[fanfare]

Did you get any advance child tax credits?

You must have told TurboTax YES.

Form 8812 is required to calculate how much you will have to pay back.

[LoganathanB]

Since you do not have any children you can enter 0 in Schedule 8812 and it will not show any error.

1. Sign in to TurboTax and open or continue your return.
2. Search for Child Tax Credit and Continue.
3. On the Tell us about any advance Child Tax Credit payments screen, answer No, Continue
4. Enter 0 Continue

TurboTax calculated your refund before you entered the information on the third stimulus. When you entered the stimulus you received, TurboTax reduced your refund by the stimulus amount received by you.

For more information click on the link below

Recovery Rebate Credit