You'll need to sign in or create an account to connect with an expert.
Try to ignore the Refund-O-Meter until you are done entering in all your income and expenses ... only then is that figure final. The tax return is a long math problem and until you get to the last line you will not know the final answer. I wish that meter was not there until the end since it causes much confusion but you do have the option to shut it off if you like ... click the arrow next to it.
What happens is the program gives you the entire stimulus credit once you completed just the MY INFO tab based off of how many people are on the return. Then the credit is reduced by the amount of the credit you got in advance when you finally get to that section at the end of the interview.
FYI ... this also happens with the CTC ... the entire credit is put in the refund amount estimate when you entered qualifying children in the MY INFO tab at the beginning of the interview and then when you are finally asked how much you got in advance later in the Deductions & Credits section the refund shown is reduced accordingly.
And with the EIC ... when you get to the EIC section you are told that you qualify for the credit but the refund doesn't increase because the credit was already reflected in the refund shown before you got to that point.
Not the most user friendly way to do this but this is how the program has been set up for decades and I doubt it will change now.
I have compared my tax returns. 3 years worth. Everything is very close to the same amounts.... income, withholding, refunds etc. Then this years refund is less. Much less. Not $200 or $500 but like $6000 less.
Also, I opted out of the CTC.
Where on Taxcaster is the option to enter the stimulus received ? I don't find it.
You have to keep going ..and going...and going.....
The tax caster tool starts out by putting the 3rd stimulus amount into the estimated “refund” you will get because not everyone received the 3rd stimulus in 2021—-some people will not get it until they file 2021 returns. So when you enter that you actually already received the 3rd stimulus, the estimated “refund” is reduced because you cannot get that stimulus money twice. You are not being taxed on the stimulus and you are not being cheated out of it.
In January you are going to receive a letter 6475 from the IRS that shows how much stimulus you received in 2021. You will enter that information carefully into your 2021 tax software. If you are eligible to receive any additional stimulus money then it will appear on line 30 of your Form 1040.
Believe it or not the stimulus question is in the OTHER INCOME section which many users ignore or skip.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
martagrabowski
New Member
RandyW3
New Member
sjh90331
Level 1
chris780
Level 2
flipzbird
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.