Stimulus Payments EIP payments and forms
Posted at: January 08, 2021
Looks like this season is going to get off to a crazy start.
The Economic Recovery Payment 2 paid end of December 2020 / First of January 2021. WILL BE reconciled on their 2020 tax return. So the "$600" payment will be paid on their tax return as a refundable credit if they have not received it by the time they file their tax return. The form Worksheet 8 will be updated in the next couple of days.
The IRS has provided information and a lookup tool. IRS.gov You will have to know what they received to calculate their returns correctly or the return will surely be rejected.
If you used TPG last season you need to read the announcement they sent to you.
This year the system is emailing codes and password resets. The email comes from email@example.com. Please make sure you check your spam folders and you can also make @wolterskluwer.com a safe sender so that the emails deliver to your inbox.
UltimateTax Service, Inc. is a professional tax software provider. We provide this information as a service to our clients and friends. The information we post is for your viewing and knowledge pleasure. We take all information we post seriously and stand behind what we post. However, information we post is not meant to be used as your sole position in tax cases.