Do you mean you don't understand why you received the letter or you don't understand why you got the payment?
The letter is telling you that according to their records, they sent you a 1,400 Economic Impact Payment.
If you don't recall getting it, look over your bank statements, it could have been direct deposited.
When you do your 2021 tax return, the program will ask how much you already received. If you already received what you should have gotten, there is no impact on your tax return.
If you did not get the full amount, the difference will be added to your refund (or subtracted from tax you owe)
I did file taxes this year and got the letter. I realized that I did get the $1400 dollars but now my fed tax return subtracted the 1400 dollars. Is there a way to get this money back?
It you received the $1,400 third stimulus payment, then you can't another $1,400 when you file your tax return. It's one $1,400 payment per person.
If the IRS received your return and subtracted $1,400 from your refund, that's correct because you already received your stimulus payment.
so getting the 1400 dollars in march they subtract it on my federal income tax refund?
Your 2021 return starts out by assuming you didn't get any Stimulus payments so it gives you credit for the full amount and your refund was too high. Then near the end you enter how much you actually got so it only gives you the difference if any. So you don't get it again.
Look at your tax return. It is not added as income anywhere or subtracted anywhere. The Recovery rebate credit on line 30 is only if you didn't get the Stimulus payment or qualify for more.
Yes. The IRS knows how much they paid you, They sent out the stimulus checks.
If you told TurboTax you did not get a check, TurboTax added $1,400 to your refund. Then the IRS records showed you got $1,400 so they subtracted that amount from your refund.
I received a letter stating that I received 1400 but I never received a check or deposit. How should this be reported?
I could not remember if I received the impact payment. I filed my return and then got a letter in the mail stating I did. So, would I need to amend my return, Or will the irs make the corrected adjustments on my return?
I received this letter from the IRS.
"This Economic Impact Payment isn't considered taxable income and you shouldn't report it as income on your 2021 federal income tax return. However, you will need the total payment amount shown above, $1400, to determine whether you are eligible to claim the Recovery Rebate Credit on your 2021 federal tax return."
I think I only received a total of $1200 between last year and this year.
Please help!
I filed stating that I hadn't received this $1400. I was wrong after finding past bank statements.
DO I have to amend or will IRS simply subtract $1400 from my expected return amount?
If I have to amend, I need guidance on how to correct within TT or must I refile all?
No you don't need to amend. The IRS will automatically catch that and adjust your return. They know they sent it to you. They will reduce your refund or send you a bill. It will delay your return.
@buddy1415 The 1200 was probably for the first or second Stimulus payment. The second one came out in Dec2020 - Feb 2021 and was for 2020. The $1,400 3rd Stimulus payment started coming out last March check your bank statements.
How long should I anticipate for it to be delayed?
The letter I got from the IRS stated do not count the Economic Impact Payment as taxable income but said
but I will it to determine if I am eligible to claim the Recovery Credit on the 2021 return.
Something happened to me. IRS deducted 1400 from my tax refund. why do they do that?
Then why do they issue that money?
I didn't ask for it. I thought it was tax free and will not impact tax refund
I don't get it
@Minnie-noahLove8 wrote:
Something happened to me. IRS deducted 1400 from my tax refund. why do they do that?
That usually means you indicated that you did NOT receive the 3rd stimulus payment. So on your tax return there was entered $1,400 as a Recovery Rebate Credit on Line 30.
The IRS has records showing you were sent the 3rd stimulus payment so they removed the credit from your tax return thereby reducing your federal tax refund by $1,400.
I have a more complicated issue then I see in this forum. Hopefully you can help. My wife and I each received letter 6475 showing 2021 Economic Impact payments of $2,100. We did not receive any payments from the US Treasury in 2021. We file jointly and it would be hard to miss $4200 showing up in our account.
What should I do? Taxes are finished except for this issue.
Thank you, Ron
Double check your bank accounts and other accounts like brokerage. People are finding them in other places they forgot. Where did you get your refund for 2020? You can heck your IRS account (both accounts if married) to see how much the IRS sent you.
https://www.irs.gov/payments/your-online-account
If you didn't get the 3rd Stimulus check but the IRS shows they sent it to you then request a trace for a missing third Stimulus payment
https://www.irs.gov/newsroom/questions-and-answers-about-the-third-economic-impact-payment-topic-j-payment-issued-but-lost-stolen-destroyed-or-not-received
We never received any payment for $2800.00 ($1400.00 each) my bank account is the only account on file
and I checked for a $2800.00 deposit and there was no results found, I don't make a lot of money (worked at
Walmart) I would have remembered that kind of money.
Per the IRS, if you did not receive your payment and a payment was issued, then you must start a payment trace. If the check was not cashed, then they will issue you a new one. If the check was cashed, the Treasury Department will send you a claim package that includes a copy of the cashed check. The Treasury Department will review your claim and the signature on the canceled check before determining whether the payment can be reversed and a new payment should be issued.
To start a payment trace:
Please see Questions and Answers about the Third Economic Impact Payment — Topic J: Payment Issued but Lost, Stolen, Destroyed or Not Received for the fax number, which is based upon your resident state.