I selected that I had a dependent, but I didn't know the SSN right off the top of my head so I moved on. Since I had a dependent it raised my tax return. I am going back in to enter the SSN and it now lowered my refund by $1100. Why is this?
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Looks like you need to update your Recovery Rebate Credit information section in the program. Here are the steps:
In the TurboTax Online program,
If you have not received any stimulus payments for yourself and your dependent, you can claim them on your 2020 tax return. However, if you have received the amounts, enter zeros in the Rebate Recovery Credit section and the program will update your tax refund. The Recovery Rebate Credit is a credit that was authorized by the CARES Act. If you were eligible for an Economic Impact payment, commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. To learn more, click here: Recovery Rebate Credit
Please ensure that you did not check "Social Security number is not valid for employment" when you entered the SSN:
That was not checked
Is it possible that you have insurance through the Marketplace and the Premium Tax Credit is what is being affected?
You can print your return with your dependent and then print one without them and see exactly what the difference is.
I do not have it through marketplace. It looks like the difference is $1100. I found through reviewing the forms that it is on the Recovery Rebate Credit Worksheet. On line 6 I had $500 and after updating with the social security number it dropped it to $0. The same on line 9 where it was $600 and then after updating it dropped it to $0. I answered all the questions about the dependent a few times and I don't understand why I wouldn't qualify for this.
Looks like you need to update your Recovery Rebate Credit information section in the program. Here are the steps:
In the TurboTax Online program,
If you have not received any stimulus payments for yourself and your dependent, you can claim them on your 2020 tax return. However, if you have received the amounts, enter zeros in the Rebate Recovery Credit section and the program will update your tax refund. The Recovery Rebate Credit is a credit that was authorized by the CARES Act. If you were eligible for an Economic Impact payment, commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. To learn more, click here: Recovery Rebate Credit
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