Information about stimulus checks

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Qmaus
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Information about stimulus checks

Post by Qmaus »

Anyone who may be interested...the agency has requested us (IRS employees) to share this information about EIP (stimulus checks). Several hyperlinks are included...

(Side note...remember that you do not need to include the stimulus payment amounts as income when you file your taxes this year; the stimulus checks are tax-free)

Find what you need to know about Economic Impact Payments and the Recovery Rebate Credit
​Also referred to as a stimulus payment, Economic Impact Payments (EIPs) are an advance payment of the Recovery Rebate Credit. Anyone who is eligible and didn’t receive any payments, or if they didn’t receive the full amount of both payments, may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return.
Most people don’t need to include anything when they file
Anyone who already received the full amount of both EIPs, $1,800 for individuals ($3,600 if married filing jointly) plus $1,100 for each qualifying child, should not include any information about the Recovery Rebate Credit when they file their 2020 tax return.
Some people may be eligible to claim the Recovery Rebate Credit
You may be able to claim the Recovery Rebate Credit if you were eligible but were not issued any Economic Impact Payments, or if your EIPs were less than the full amounts. This includes anyone who doesn’t normally file a tax return. To find out if you are required to file, go to Do I Need to File a Tax Return? on IRS.gov.
The way to claim the Recovery Rebate Credit for the amount that is more than the EIP received is to file electronically or use the worksheet in the Form 1040 1040-SR instructions and complete line 30 of the 2020 Form 1040 or 1040-SR.
File electronically and choose direct deposit as the fastest way to get your refund
The fastest, most accurate way for people to file is electronically and anyone expecting a refund should choose Direct Deposit. They should go to IRS.gov/freefile for free file options and be sure to have their routing and account number for their bank account, prepaid debit card or mobile payment app available to receive their refund.
Change of circumstances during 2020
People who weren’t eligible for any advance payment of the credit, known as EIPs, and whose circumstances changed during 2020 may be eligible to claim the Recovery Rebate Credit, when they file, if any of the following are different:
Filing Status
Adjusted Gross Income (AGI)
Number of qualifying children
You’re no longer claimed as a dependent on someone’s tax return
For anyone who is eligible, the Recovery Rebate Credit will increase the amount of a tax refund or lower the amount of any taxes owed. The advance payments and credit are not taxable.
For more information about advance payments and the credit go to:
IRS.gov/RRC (for more information on the Recovery Rebate Credit https://www.irs.gov/newsroom/recovery-rebate-credit)
Economic Impact Payments on their way https://www.irs.gov/.../economic-impact ... s-on-their... (visit IRS.gov instead of calling)
IRS Statement — Update on Economic Impact Payments https://www.irs.gov/.../irs-statement-u ... n-economic...
Questions and Answers about the Second Economic Impact Payment https://www.irs.gov/coronavirus/second-eip-faqs
Goofydoofy
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Re: Information about stimulus checks

Post by Goofydoofy »

Hell with all that! Where's my next 1400?!?
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Drinal - Maelin Starpyre Server
Qmaus
Whee!
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Joined: Sun May 08, 2005 4:16 am
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Re: Information about stimulus checks

Post by Qmaus »

That's a question for your congressional reps, Goofy.
Goofydoofy
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Re: Information about stimulus checks

Post by Goofydoofy »

You mean they are still alive?!?
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Qmaus
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Re: Information about stimulus checks

Post by Qmaus »

And just this morning, the news is reporting that Biden is actually looking to provide that $1400. Of course, with USA politics, you don't want to count your chickens until they hatch. Just figured I'd mention it since we touched on the subject here.
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