You will not be "penalized" but you cannot get that money twice so you should make an effort to determine whether you got the $1400 per person third stimulus payment. If you say no, and the IRS knows you received it, they will reduce your refund---and that delays processing so it will take longer.
Check your bank account for deposits of $1400 per person after mid-March of 2021. Check your IRS account online to see if they show you received the payment.
The 3rd EIP--or stimulus check-- was sent out in mid-March or later in 2021 and was for $1400 per person--adults and dependents no age limit. The IRS sent out letter 6475 to you about that payment.
If you did not get the 3rd EIP payment you can get it by filing a 2021 tax return and using the recovery rebate credit in Federal Review. The credit will go on line 30 of your Form 1040 and will add to your refund (or reduce your tax due).
**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.**
