Question

IRS states stimulus was not taxable, yet turbotax added to my income at my tax amount was increased meaning the stimulus is taxed.What did I miss about not taxable?

Forum|Forum|4 years ago
February 6, 2022
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TurboTax Deluxe Online

Employee

The "refund monitor" starts off by giving your all of the stimulus money and all of the child tax credit because the software does not know yet that you received stimulus money or that you received some advance child tax credit payments. That gets reconciled later.

That "refund monitor" changes as you enter information. That is normal. And you cannot take it seriously until you enter ALL of your information---even though it is so tempting to believe that the highest amount is the "right" refund.

**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.**