Question

Why was my stimulus checks taken out of my return

Forum|Forum|5 years ago
February 12, 2021
1 reply
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My return was going to be 1838.00 and when I filed it deducted 1200.00 and 600.00 which were the amounts of the 2 stimulus checks I received

TurboTax Free Edition Online

CatinaT1

Before you enter the amount of the stimulus payments at the screen Did you get a stimulus payment?, you have been given the full Rebate Recovery Credit (the equivalent of the two stimulus payments). This can be found on line 30 of the 2020 Federal tax return. At this point, this is an 'incomplete' Rebate Recovery Credit.

The refund monitor on your screen displays a refund amount that includes the stimulus money as part of your 2020 refund. When you enter the amount of stimulus you received, the refund monitor adjusts to account for this.

See this TurboTax Help.

This TurboTax Help states that the Economic Impact Payments (both the first and second) are not considered income, and therefore are not taxable.

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