I haven't met a person yet who's return hasn't been compromised by the "stimulus" deduction of which I and many others would or should have thought would have been added to the gross income, not the adjusted and certainly not the final "Refund" itself. Refunds are nice but surprises aren't always as pleasant.
(Personally, I didn't need a $600.00 loan last year but the gift thought was nice,,,, For a minute)
I hope it is a mistake that they will correct soon.
I have been getting the same amount back for 3 years but this year it is the amount I know I should get minus the amount I say I received from the goverment.
Something wrong for sure. I should receive the same amount I got last year.
I usually get a refund. I hate to do Taxes the old way. But to be sure I am going to get the paper forms from the post office and do it that way 1040 and 1040EZ pink and green forms I think.
The IRS claims that the tax rebate does not have to be paid back. However, they are subtracting it from our refunds or adding it to what we owe!
You will find it in the "Credits" section on TurboTax or TaxCut software.
Apparently, they gave us the $600 rebate last June a "cash advance". Therefore, we don't get it now at tax time as we normally would. Today, our refund is reduced by $600 because they already gave it to us earlier. Or, the amount we owe is increased by $600 because of the earlier cash advance.
What a joke! They made us believe that the $600 tax rebate was a free gift last June. But, now that April is here, it turns out all it was actually a cash advance... Basically a loan taken out against own money!
I would have rather had my own money now instead of last June when I didn't need it. The so-called stimulus checks did not even help boost the economy... It still tanked anyway. And now we are all paying for it.
They didn't as far as I was told, It just ask because the IRS is making sure who did and didn't receive theirs last year. So many haven't been claimed yet, so as far as I've been told it was not deducted just put in there on the paperwork, hope that makes sense.
I just got my taxes done at H&R Block and they deducted my stimulus check. So, Turbo Tax is not wrong. The lady told me it was considered a LOAN, but the government didn't tell anyone that. If you google it, you'll find out that this has happened to a LOT of people.
This is ridiculous if they should of giving people the choice if they wanted to receive a stimulus or not and not just assume everyone would be okay when they filed there taxes and see that there is a subtraction. My friend does taxes and they were saying not all people were getting the amount deducted only some so there is definitely something wrong with this system.
IT STATES ON THE PROGRAM itself that it is not supposed to deduct the stimulus check from your account. If you open up the turbo tax program and go to that section it's clearly stated there. It's some sort of flaw with the program and from what I hear, they're supposed to fix that soon.
My husband and I didn't enter our stimulus amounts into turbo tax b/c for 3 days the page at IRS.gov to find your amount wasn't working. The week we were supposed to receive our return, the IRS mailed us to tell us that there was an 'error' on our return that they corrected (how nice of them) concerning the stimulus package and they deducted the exact amount of the money they sent us..they even rounded up to the nearest dollar to make it a nice even amount.
Don't believe what you read from other people before checking the facts folks! Read the instructions on the tax forms regarding the stimulus checks. If Turbo Tax or your tax preparer did not do your return correctly regarding this particular payment, what else have they gotten wrong? It pays to have a reputable, proven CPA to do your taxes...not a software program and not someone who doesn't keep up with the tax changes.
You were supposed to have received that stimulus check with this year's return as a bonus. In other words, if your refund was $5,000, the government would have added your stimulus check. But, you received that stimulus boinus early. When using Turbo tax, the reason it asks you if you received a stimulus check, is so that you won't get credit for another one. If you put "0", and file that way, the IRS will eventually find out and ask you to pay back that 2nd stimulus check back. (eg. The boss tells you, Frank, you are going to get a bonus of $1000.00 on your next income tax return. You say, I want it now, I don't want to wait. So he gives you the bonus. Then when you file next year, the added bonus of $1,000.00 is removed because YOU ALREADY GOT IT). Do you understand now?
Check the IRS website. The site states that the stimulus check is not taxble and that it shuld not reduce the amount of refund you receive or increase the amount that you pay in. I think tax people have gotten confused and we are paying the differences. I also purchased Turbo tax and so my refund decraease by 1500. That was depressing and it is very misleading. I am going to do my taxes by hand to double check.
Because Turbo tax is wrong. Online Turbo Tax is not deducting the money. So is TaxCut online.