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GreyEagle
Returning Member

Tubotax increasing tax bill owed by stimulus payment amount

Why is Turbotax adding the full amount of my 3rd Stimulus payment ($2800) to my tax bill owed? The 6475 letter says it is not taxable income plus others are saying it does not have to be repaid.

 

Please help.

 

Thank you.

H Betts

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3 Replies

Tubotax increasing tax bill owed by stimulus payment amount

The TurboTax program starts out by giving you the Recovery Rebate Credit for the 3rd stimulus payment on Form 1040 Line 30.

After you have indicated that you received the 3rd stimulus payment, the Recovery Rebate Credit on Line 30 is removed.  You cannot receive the same stimulus payment twice.

GreyEagle
Returning Member

Tubotax increasing tax bill owed by stimulus payment amount

Thanks, DoninGA, but I think you are telling me the way it is supposed to work.

 

I have no entry on line 30 of form 1040, and the Federal Review section states I am eligible to receive $2800 and asks if it is the amount on the 6475 letters. I answered "Yes", and immediately Turbotax changed my refund of $1300 to an amount owed of -$1500.

 

To experiment, I answered "no" to the stimulus question and said I received $0. I went to line 30 on the 1040 and it was now filled with $2800. At the same time my Turbotax calculated tax bill went back to a $1300 refund.

 

Since I obviously received the $2800 only once in March 2021, why is Turbotax saying I have to refund the IRS $2800?

 

I think I have a bug. How do I repair this?

 

Tubotax increasing tax bill owed by stimulus payment amount

What you may not realize is that as soon as you began to prepare your tax return, the software was giving you the $2800 and it was shown on that "refund monitor" -----but when you entered that you received it already, the software had to reconcile the payment you received,   You cannot get it twice---so it looked to you like you "lost" $2800.   You did not lose it and you are not being taxed on it---you just cannot receive it twice.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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