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lorigaitan65
New Member

Will my refund be less this year due to the stimulas ck i received? I usually get back about $1,000 and now I'm only getting back $46.

 
3 Replies
DawnC
Employee Tax Expert

Will my refund be less this year due to the stimulas ck i received? I usually get back about $1,000 and now I'm only getting back $46.

No, the stimulus does not affect your tax liability or refund at all.   If you did not receive it, it would have been added to your refund, but the amount calculated for your refund has nothing to do with your stimulus payment.   The change in your refund amount is caused by something else, not the stimulus checks you received.  

 

Although tax law changes lowered the rates for five of seven tax brackets, you may owe income tax or your refund may not be as big as you expected because less income tax was taken out of your paychecks throughout the year. If you didn't update your W-4 for 2020 or 2019 (most people didn't), it’s highly possible this is why your refund isn’t as large as you expected.

 

We've got some other possible reasons for a year-over-year refund decrease or why you may owe this year.  Among the items below, a common occurrence in 2020 has been unemployment income.  Many people who received unemployment either only had federal withholding applied to their payments or had no withholding at all.  And since unemployment is taxable income at both the federal and state level, if the amount you received was large, it will cause you to owe income tax, either to the federal government, the state government or both.

 

Tip: If your refund or tax due is wildly off, you may have mistyped a dollar amount somewhere. An extra digit here, a missing number there, even a misplaced decimal point can have an eye-popping (but easily correctable) effect on your refund.

 

Changes in your income or tax rate

State and local income tax deduction changes

Losing certain credits or deductions

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Dzeen
New Member

Will my refund be less this year due to the stimulas ck i received? I usually get back about $1,000 and now I'm only getting back $46.

My refund was 1500 then I added the stimulus payment now my refund is 128.  I thought this was not suppose to be calculate as income.  Help

xmasbaby0
Level 15

Will my refund be less this year due to the stimulas ck i received? I usually get back about $1,000 and now I'm only getting back $46.

@Dzeen

 

What you may not realize is that as soon as you began to prepare your tax return, the software was giving you the $1400 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" $1400.   You did not lose it and were not 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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