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Economic Recovery Credit

Level 1

Does anyone know of way for tax preparers to obtain information on previous economic stimulus payments received if client doesn't have form or can't remember to accurately complete economic stimulus credit form.

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7 Replies 7
Level 15

Stimulus info can be found at these links:

https://www.irs.gov/payments/view-your-tax-account

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

https://www.irs.gov/coronavirus/get-my-payment

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

https://turbotax.intuit.com/stimulus-check/

https://ttlc.intuit.com/community/articles/community-news-announcements/second-stimulus-resources/05...


And: "The IRS said you can check the status of your second stimulus payment at IRS.gov/GetMyPayment (GMP).

If GMP reflects a direct deposit date and partial account information, then your payment is deposited there. If the payment was mailed, it may take up to three or four weeks to receive the payment. Watch your mail carefully and be sure not to throw out your payment.


If GMP shows “Payment Status #2 – Not Available,” then you will not receive a second stimulus check and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return."

Here's a link to the image for seeing the payment(s) as an account transcript image example, which you can get for them or they can get for themselves:

https://www.irsmind.com/irs-notices/irs-transcripts-now-provide-stimulus-payment-information/

Good luck.

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Level 10

I've had to make so many phone calls to clients about these payments it makes me want to scream.           I was very hopeful IRS would provide us a Lookup Portal....no such luck (yet). 

 The only way I accept an "I can't remember" answer from a client is if they are very very old and forgetful.  Really how hard is it for a client to look back at a bank statement.....and who doesn't remember FREE money.     They sure would remember if they DIDN'T receive the money.

 

 

 

Level 15

I believe it was @Just-Lisa-Now-  who intended to assume they got it all, unless they can prove otherwise.

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Level 15
Level 15

If their 2018/2019 income qualified them for the whole amount but cant remember how much they got I enter the whole thing.

The ones that had income in the phaseout window, I make them dig up what they got, you can use Get My Payment to see the date it was issued.

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 10
Level 10

I've been lucky so far that all of my clients so far have remembered what they received.  

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Level 13

Most of my clients got it via Direct Deposit.  So they can look up their bank statements to find how much they received.

The first link given above is where the client can potentially set up an account to pull up their 2020 "Tax Account Transcript" which would show the amounts.

If they are having problems doing that online, the client may be able to fill out Form 4505-T and mail that to request the IRS to mail them the 2020 Tax Account Transcript.  But that could take several weeks to several months, so they will want to file an extension on their tax return.

Or as mentioned above, tell them if they can't give you a definite number that you will assume they received the full amount.

Level 15

MarketWatch posted this the same date you asked:

"If you still haven’t received your second stimulus check by now, the Internal Revenue Service wants you to know the check just might be in the mail.

At this point, all authorized first- and second-round stimulus checks have been issued, the IRS said Tuesday.

Some second-round payments — giving $600 apiece for eligible adults and children — may still be in the mail, the IRS said. These payments may be coming as a paper check, or as a pre-loaded debit card..."

Also, "The IRS said it updated tracking information for first- and second-round checks on the ‘Get My Payment’ portal one last time on Jan. 29."

I just tested it and at the last step, you are offered to go to the Account Sign in, as I previously noted.

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