Ask Terry Questions IRS refund difference

IRS refund difference

By Terry Savage on February 07, 2021 |

Hello –
I’ve already filed my 2020 tax return and my refund is $500 less than I normally receive. I am a single male, no property, no dependents. I’ve been on salary for years so my income hasn’t changed. I received both the $1200 and $600 stimulus payments, is that why my refund is less than expected?

Terry Says

No, and there are no substantial changes in the tax law that I know of that could have impacted you between last year and this. Go over both returns, line by line, and check to see if you made an arithmetic error. The stimulus checks are NOT taxable income, so shouldn’t impact your refund.

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