When filing, it said I’m getting back somewhere around $7,000, but not eligible this year. I believe because I took a $12,000 short term capital gains loss

[bnapole1]

I only received about $700. Is this normal? Should I have received more? If so, I think I inputted the data incorrectly

[fanfare]

What's normal is to get the amount of refund specified on your Form 1040 when you file an accurate, complete and correct tax return.

Otherwise, expect IRS to make adjustments.

@bnapole1 

[SweetieJean]

What exactly do you mean by capital gains loss?   It's either a gain OR a loss.

[VolvoGirl]

What do you mean not eligible?  Did Turbo Tax say you weren't eligible?  Did your tax return form 1040 line 35a say around 7,000 Refund?  But the IRS only sent you 700?  They will mail you a letter saying what they changed.   How many people are on your return?  What is on lines 28 & 30?

The 2 most common reasons this year is you entered the wrong amount on line 30 for the Recovery Rebate Credit (3rd Stimulus payment) or line 28 for the Child Tax Credit. Those lines are just if you didn't already get the full amount or qualify for more. The IRS knows what they already sent you.

A lot of people answered the questions wrong and tried to claim the credits again. Double check your bank statements to see what the IRS sent you during the year for the 3rd Stimulus payment and Advance Child Tax Credit. And check your IRS account (both accounts if married).
https://www.irs.gov/payments/your-online-account