Question

Will the first stimulus check be withheld from my other tax credits

Forum|Forum|5 years ago
December 31, 2020
1 reply
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TurboTax Online

Employee

Not sure what you are trying to ask. When you prepare your 2020 return you will be asked if you received the stimulus money in 2020. Just answer the question. Any other credits you are supposed to get on your 2020 tax return are calculated apart from the stimulus money. And....the stimulus money is not taxable.

**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.**

D

don-kane94Author

I keep reading that it is not taxable, however, when I completed a tax refund estimators with TurboTax, when I input the stimulus check amount the estimated refund was that exact amount lower than what my usual refund is. No pay change, no tax bracket jump, no changes to anything other than stimulus check.
I appreciate any insight into this matter!

SteamTrain

Employee

Some of the tax estimators, and even the TTX software itself, will include the stimulus payment right from the beginning...so the Refund shown includes the stimulus payments....until you tell it how much you already received...then it takes away that amount.

So if the shown refund seems too low this year, it would have to be due to something else either not entered correctly/completely....or if it's shown in a estimator APP...those are pretty basic and cannot take all situations into account......so it's a "crude estimate" only.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*