Question

Got 3rd stimulus payment to us for a total of $4200. Says the 3rd stimulus wont affect taxes and you dont have to pay it back. TT increased my taxes owed $4200? why?

Forum|Forum|4 years ago
February 25, 2022
1 reply
0 views

TT states you dont have to pay back 3rd stimulus, yet it increases my taxes owed by $4200, which is the amount we received.

TurboTax Premier Online

DaveF1006

It depends on how you answered the question in your Turbo Tax program. I have included a screenshot below. When you answered the questions, did you mark yes that you received the full stimulus amount?

To get there, select the federal review tab at the top of your program. Here is a screenshot. You are correct in stating you do not need to repay the stimulus.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

J

jp27300Author

Sry that wasn't clear. Yes we received the $4200. The tax owed then shot up by $4200. Perhaps what may have happened, was that prior to answering that question, Turbo tax "assumed" the amount I received was zero? And thus added another $4200 to my tax credit?

But is the 3rd stimulus an advanced payment of a tax credit, rather than a straight payment tax free?

M

mglauner

No, TurboTax is not 'assuming' any amount. Based on your return, it calculates the amount you are eligible for, then asks you to confirm that this is the amount you received.

If you say NO, this is not the amount we received, then you are asked to enter the amount you actually did receive (as @DaveF1006's screenshot showed).

If you're using TurboTax Online, try closing the program, clear your Cache and Cookies and re-open TurboTax. Sometimes data can 'hang' in the program.

Click on Deductions & Credits, scroll all the way to the bottom of the topics list, and Continue.

You should get a screen titled 'Let's Double Check the Amount You Received' (screenshot).