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It would appear to be a coincidence. The three stimulus payments are not interrelated.
If the stimulus payments were received in full, then the Recovery Rebate Credit must be 0. However, TurboTax will calculate the Rebate Recovery Credit based on what is entered. A number must be entered for each stimulus payment.
To do this in TurboTax, follow these steps:
The first stimulus payment was for up to $1,200 each.
The second stimulus payment was for up to $600 each.
The third stimulus payment was for up to $1,400 each.
Thank you for your response.
I don't think you are understanding.
I filed my 2020 taxes in Feb 2021 - BEFORE - I recieved the 2021 3rd Stimulus - the 3rd Stimulus hadn't been confirmed when a filed 2020 taxes.
When I follow the Turbo Tax directions, as you mentioned, adding in both 2020 stimulus then I OWE as mentioned above. If I take out, I recieve a small refund. Thereafter, I should recieve the 2021, 3rd stimulus, and also recieve the small refund from 2020. This did not happen, instead now I owe the amount of the 3rd Stimulus.
How can this be a coincidence? I owe $1400 before I recieved the 2021 stimulus . To me it's a glitch in the 'overall' system" or a very strange coincidence in a round about way. Seriously, I'm paying for my own 3rd stimulus before I recieve it or recieve the 3rd stimulus and then owe it back????. In this case I and/or others, are not recieving a stimulus at all.
I'm not the only person I've come across that this has happened to. ???
So far, I haven't come across a logical answer, perhaps I'm not able to explain well enough on this comment board.
I prefer no comments if you are not understanding this strange coincidence. I'll contact Turbo Tax somehow and contact Fed IRS "somehow as well. More than likely I need another entity to figure this out for me from the beginning. Cordially.
You needed to enter the amount of stimulus checks you received when you completed your tax return in TurboTax. Those payments, for the 1st two round of stimulus checks, were included in your refund in TurboTax before you entered how much you actually received. So, they are taken away from your refund once you indicate that you received them, as it should be.
The money you now owe is because of the 1st and 2nd round stimulus payments that were not properly reported on your tax return. It is unrelated to the 3rd, stimulus check, that was not reportable on your 2020 tax return.
Thomas, yes I understand what you are saying.
You are not understanding what I'm saying.
I didn't report 3rd Stimulus on my 2020.
I filed my tax return for 2020 before the 3rd stimulus was released. The Turbo Tax System for 2020 said I owed the same amount of the 3rd stimulus, before I recieved the 3rd stimulus.
Something is fishy, or faulty with the Turbo Tax caluculations. FYI. you might double check all your returns if you filed for others.
Cordially.
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