Filled out tax return…and was going to receive 2,424…clicked on receive 1200 stimulus checks for me and my wife…and now I’m getting 24.00…I’m a little confused about this…they took stimulus money back…is that right or do I need to go somewhere else???
If you already got your previous stimulus payments, this might be the reason.
By clicking that button you are essentially saying you got them.
If you did not already get them, you would not click on that.
There is something in taxes this year that is supposed to help people who have not yet received their stimulus so I am assuming that before it must have been factoring that in but when you clicked that you have already received them, that is why your return was lowered.
Recovery Rebate Credit is what it’s called. If you did not get the second stim payments they will add it to your refund. Be aware if you filed and claimed the credit then receive your stimulus prior to the IRS processing your return they will deduct it before releasing your refund.
Thanx…I never realized that money would come out of our taxes…but than again nothing is free unless you are on some kind of assistants
Thanks for the heads up how the stimulus funds can affect your tax return.
I read this though - - In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 or 2021 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs."
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