- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Tax ? Stimulus related
Posted on 2/2/21 at 4:34 pm
Posted on 2/2/21 at 4:34 pm
We had a baby in 2019, didn’t receive either stimulus for her. Turbo tax saying I got the right amount ,but it’s not. Is there a way to get that payment?
6
Posted on 2/2/21 at 4:36 pm to BossierTigerFan24
Don’t use TurboTax, use your local trusted CPA
Posted on 2/2/21 at 5:08 pm to BossierTigerFan24
Put your information into Credit Karma and see what it says. It calculated the amount I didn't receive and added it to my refund.
Posted on 2/2/21 at 5:34 pm to BossierTigerFan24
Did you make too much money?
Otherwise, something is wrong with your input.
Otherwise, something is wrong with your input.
Posted on 2/2/21 at 5:59 pm to LSUFanHouston
No teacher and wife is a teacher.
Posted on 2/2/21 at 6:09 pm to BossierTigerFan24
quote:
something is wrong with your input.
Posted on 2/2/21 at 6:28 pm to BossierTigerFan24
I was getting a small tax return, until I entered my stimulus check amt...now I owe.
Posted on 2/2/21 at 6:31 pm to bstew3006
quote:
I was getting a small tax return, until I entered my stimulus check amt...now I owe.
Doesn’t make sense...it’s not income
Posted on 2/2/21 at 7:58 pm to Dawgfanman
quote:
Doesn’t make sense...it’s not income
It’s a refundable Tax Credit in the form of a stimulus check. rather than waiting to get the money from the credit in 2021 when you actually file your 2020 tax return, you're in effect getting an advanced refundable tax credit.
Posted on 2/2/21 at 9:32 pm to bstew3006
No you are not. It has nothing to do with your 2020 filing. Even if in 2019 you were under the income limits but in 2020 you exceeded there is no payback of stimulus money.
Posted on 2/2/21 at 9:43 pm to bstew3006
quote:
I was getting a small tax return, until I entered my stimulus check amt...now I owe.
I don't use Turbotax, but it's possible the system "started" with you getting the credit on your tax return, then removed the credit when you told the system how much you got in advance.
Posted on 2/3/21 at 7:41 am to Lion4Life
quote:
No you are not. It has nothing to do with your 2020 filing. Even if in 2019 you were under the income limits but in 2020 you exceeded there is no payback of stimulus money.
The stimulus was an Economic Impact Payment (EIP). Which was a refundable Tax Credit that was advanced and when filing your 2020 taxes, your tax refund will be offset by the amount you received.
If you were able to receive the full amount in the first stimulus EIP ($3,400) and your tax refund is $4,000...EIP will be subtracted. Therefore, you’ll receive $600 tax refund
Posted on 2/3/21 at 8:14 am to bstew3006
You dont know what you are talking about.
Posted on 2/3/21 at 8:19 am to bstew3006
quote:This is completely incorrect
The stimulus was an Economic Impact Payment (EIP). Which was a refundable Tax Credit that was advanced and when filing your 2020 taxes, your tax refund will be offset by the amount you received.
If you were able to receive the full amount in the first stimulus EIP ($3,400) and your tax refund is $4,000...EIP will be subtracted. Therefore, you’ll receive $600 tax refund
ETA: other than the fact that it is an advanced tax credit. But, it's in addition to, not subtracted from whatever your tax refund was supposed to be.
This post was edited on 2/3/21 at 8:21 am
Posted on 2/3/21 at 9:30 am to Lion4Life
quote:
Even if in 2019 you were under the income limits but in 2020 you exceeded there is no payback of stimulus money.
This is correct.
Posted on 2/3/21 at 9:33 am to BossierTigerFan24
Just used turbotax it asks at the end if you received stimulus payment or not.
Posted on 2/3/21 at 10:19 am to dj30
quote:
You dont know what you are talking about.
The Stimulus payment is a federal tax credit for tax year 2020. However, unlike other credits, such as the child tax credit or earned income tax credit, the Govt distributed these payments ahead of tax season instead of making taxpayers wait until January when you file.
It is the same as giving Parents an advancement on the Child Tax Credit ($4,000 for two kids) before tax season.
The stimulus checks are not Taxable Income. The IRS/Govt is treating them like an Advanced 2020 Tax Credit. Once you clarify that you have received the Stimulus check while filing taxes, your tax refund is lowered by the amount received/advanced/credited. The Credit was removed from my refund after I marked the amount I had received. That's how I went from a small refund to owing a small amt.
This post was edited on 2/3/21 at 10:34 am
Posted on 2/3/21 at 10:37 am to bstew3006
quote:
That's how I went from a small refund to owing a small amt
So your statement is just based on some running tabulation displayed on your software prior to completing your return?
Posted on 2/3/21 at 10:42 am to bstew3006
quote:
That's how I went from a small refund to owing a small amt.
This is probably because you are running it through the software. They are taking that credit into account while you are filling everything out.
It doesn't affect income. If you don't consider the credit at all, like the software has already done, you would have owed.
This post was edited on 2/3/21 at 10:47 am
Posted on 2/3/21 at 10:47 am to BossierTigerFan24
We had a kid in 2020 and tax act told us we weren’t eligible for his additional stimulus money bc we made more in 2020 then 2019.
This post was edited on 2/3/21 at 11:07 am
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News