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New Member
posted Apr 17, 2021 4:20:06 AM

Will the IRS adjust the amount owed I filed before the new stimulus laws went to effect. I owed money which IRS took now entitled to a refund?

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1 Replies
Expert Alumni
Apr 17, 2021 5:15:45 AM

Not exactly.

  1. The first and second stimulus payments were part of the 2020 tax return. Whatever you received is reported on your return on Form 1040, page 2, Line 30, but it is not taxed. If you are entitled to more than you received, then Line 30 for the Recovery Rebate Credit is where you would see if you were getting anything more.
  2. The third stimulus payment will be part of the 2021 return. It will be mailed separately to the latest address on file or direct deposited to the latest bank account the IRS has on file.

 

For more information, see: 

Recovery Rebate Credit Frequently Asked Questions | Internal Revenue Service

How will the third stimulus impact me?