wejcompany
Level 1
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why is EIP 2 info required when that payment should have been received in 2021

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abctax55
Level 15
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Because that is how the law says it is to be handled?

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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itonewbie
Level 15
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Because of what §6428A(e) says about the coordination of Recovery Rebate Credit and Advance Refund (aka EIP).

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abctax55
Level 15
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(@itonewbie  Show-off 🤣 )

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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itonewbie
Level 15
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Stop pulling my leg.  I can't think straight, that's why i rely on what the letter says.  😅

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qbteachmt
Level 15
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Perhaps it would help to review what is really happening:

The funds were paid out as Advanced payment against a projection. The projection used 2018 or 2019 tax returns. But 2020 is the Actuals. You use the 2020 return to reconcile what a person is entitled to, against what they got.

You might want to bookmark these links and read the IRS guidance.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

https://www.irs.gov/coronavirus/second-eip-faqs#Eligibility

One for each EIP.

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wejcompany
Level 1
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Thanks much appreciated 

stewcoll
Level 1
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EIP received in Feb. 2021 Is it to be included in 2020 tax return

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abctax55
Level 15
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@stewcoll 

What software are you using?

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