Question

Stimlus payments

Forum|Forum|5 years ago
March 4, 2021
1 reply
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After completing our taxes we were due a refund of $2091. When I hit continue it took me to a screen that asked if my husband & I received both stimulus payments. I said YES, the next screen showed the amounts that we received and I verified YES. I then hit continue and the refund changed to we now OWE $1509, which is exactly the difference of the $3600 that was the stimulus payment. If I change my answer to NO, it applies the $3600 credit and goes back to the $2091 refund. PLEASE EXPLAIN

TurboTax Home & Biz Windows

DoninGA

Employee

The program entered the amount of the Recovery Rebate Credit you were eligible to receive before it asked you what you actually received. When you reported the amount received the credit was removed from the tax return. You cannot double dip - Get the EIP1 and EIP2 plus the Recovery Rebate Credit.

The result is that you have federal taxes owed based on your entries on the 2020 federal tax return.