There is a question about whether I received my stimulus ch

Forum|Forum|5 years ago
January 31, 2021
2 replies
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checks. When I answered yes on both boxes, taxable income went from getting a refund of $893.00 to owing$1507.00 I understand there is a recovery rebate tax credit somewhere to fill out. Where is that located ?

TurboTax Self Employed Online

VolvoGirl

Level 15

When you answered a question about receiving the Stimulus payments was it a screen with 2 boxes to enter each amount?

You are not paying tax on them. But Turbo Tax started out by giving you credit for the whole amount so you refund was too high. Then when you entered what you already got the starting refund was reduced or the tax due increased. You don't get it twice.

VolvoGirl

Level 15

The Recovery rebate credit is the screen with 2 boxes for the Stimulus amounts you already got.

The Stimulus Checks are really based on your 2020 return we are filing in 2021. So any amount you already got will be reconciled on your 2020 return line 30. If you didn't get a Stimulus Check (and qualify) or you qualify for more it will be added to your 2020 return. But the good news is if they paid you too much they won't take it back.

Opus 17

Level 15

TurboTax continually updates all of its forms as you enter more and more information. As soon as you entered income that was less than the $150,000 threshold for the maximum rebate for married filing jointly, the rebate was added to form 1040, line 30. And that means it was added to the “refund meter“. At the very end of the federal return, when you indicated that you had already received the maximum $2400 you are eligible for, it was removed from line 30. You aren’t being taxed on it, but you don’t get the payment if you already received a payment.

Unfortunately, the refund meter can be misleading in many cases, and longtime expert users on this forum sometimes wish it didn’t exist. Because the stimulus payment is the last thing you are asked about, it is particularly misleading this year.