Nothing "happens." You do not have to pay back the EIP payments you already received. You do have to enter your amount correctly as shown on your letter 6475 to show that you received $1400 x 4= $5600 because you are not eligible for any more. If the kids are not being claimed as dependents and they are filing tax returns Congress left a loophole that allows them to get the $1400 on their 2021 tax returns.
Enter the information in Federal Review for the recovery rebate credit.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
