itonewbie
Level 15
โ12-29-2020
10:44 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@George4Tacks wrote:
Recovery Rebate Credit sounds exactly like Economic Impact Payment. Right?
Lol, you're trying to test me. ๐ Technically, no.
Too many terms thrown around by the IRS and press. The proper terminology in the Code for EIP or stimulus payment is actually advance refund - literally, that's an advance of the Recovery Rebate (as it is officially named under ยง6428).
The Recovery Rebate is a credit that will be claimed on the 2020 return and it must be reconciled against the advance refund (i.e. EIP aka stimulus payment) folks received.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar