only enter the 1st stimulus payment for the time being as TT is not yet programmed to accept the 2nd one (should be by month's end)
can you be a little more specific on why you think the stimulus payment increases your taxes.... the only adjustment for stimulus is Line 30 of Form 1040, that number can not be negative by law.
Well it can only increase your refund or reduce a tax due. But it won't increase your tax due. If you got too much Stimulus money you don't have to pay it back. Don't know what you are seeing. Can you explain it more with line numbers? Have you entered anything else yet like your income?
When I put an amount in of the stimulus payment it immediately shows we owe. When I take the amount out, it shows we get a refund which we should.
When I put an amount in of the stimulus payment it immediately shows we owe. When I take the amount out, it shows we get a refund which we should.
I have not received the second stimulus payment .
are you sure you are reading the meter the correct way?
what is your situation? joint or single return? children?
if your are joint return, is your income above or below $150,000.
if you are single return, is your income above or below $75,000
how much did you receive on the 1st stimulus?
what is on Line 30?
also, the way TT is working, as soon as you begin your tax return it is going to show a refund, because you put in yourself and dependents, it then calculates the stimulus you are owed......but you have not entered how much you received until the end! maybe your issue is that simple
We are filing married filing jointly. We received $2900. I have completed all the steps including my W-2 and my husbands 1099-R. I was shocked that when it tells you to put the amount of the stimulus payment, it went from what we normally have received in refunds in recent years to owing $2100 when the stimulus amount is put in.
Because it was already giving you the $2,900 added to your refund. It didn't know you already got it. Then you put in how much you already got so it zero it out. Check line 30.
It’s confusing because that’s the only place you put in any amount. I’ll have to look back over it.
if you received $2900, there is a child right? ....critical to look at line 30- from your description that is going to be zero, which would be correct
don't forget to go back and include whatever you receive for the 2nd stimulus once the Turbo Tax software is updated.