Stimulus money taxable?

Forum|Forum|5 years ago
February 20, 2021
1 reply
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Hello,

When I put in the first and second round of the stimulus money my refund goes down, there are is a lot of information out there and it still makes no sense why in the TT online platform my refund goes down, I even put in that I didn't receive it and I couldn't believe the difference, is there a system error in the platform or is the really not free?

Thank you,

Teresa M, (so confused)

Best answer by xmasbaby0

Your stimulus money is NOT taxable.

You might have become confused by the flow of information in the software. That "refund monitor" on your screen displays a "refund" amount that includes the stimulus money. as part of your 2020 refund. But later when you enter the amount of stimulus you really received already, it removes the stimulus already given to you. And it looks to you like you "lost" your refund, But ---you do not get the same stimulus money twice--that is why it came out.

Look on line 30 of your Form 1040 for your recovery rebate amount.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

xmasbaby0Answer

Your stimulus money is NOT taxable.

Look on line 30 of your Form 1040 for your recovery rebate amount.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

**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.**

teresamorgan0301969Author

Hello, @xmasbaby0

Is this another way of putting it:

The software automatically assumes the CX did not receive the Stimulus payment and they start off with $1,600 (For Example)? Once they specify that they received the stimulus payment - the refund will adjust negatively by $1,600.

Thank you,

Teresa M