topic Question as result of filing in After you file

Question as result of filing

rdedit — Sun, 14 Mar 2021 14:15:09 GMT

I filed the 2019 return. I answered the question regarding the Covid relief payment. I entered $2400. Once I did that, it upped my refund from $36XX to $48xx. That should not have happened. I then got a letter from IRS regarding this but it is unclear as to what I need to do. I looked in the TT file and it shows a "Recovery Rebate Credit Worksheet. It says I get a credit of $1200. Why? That should not be. What do I do to rectify this?

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Re: Question as result of filing

JoannaB2 — Mon, 08 Mar 2021 22:24:37 GMT

You don't have to do anything. The IRS will reconcile the recovery payment based on your 2020 income tax return. The Recovery Credit Rebate form have 2 questions: "How much was the EIP 1 payment received, if you're married, enter $2,400, and next question was "How much EIP 2 payment received, if you're married, enter $1,200. If you are due for a recovery rebate, you will receive as a credit and will be added to the amount of your refund, if any. The Recovery Rebate Credit is calculated based on the number of qualified dependents under 17 years old plus taxpayer/s on your 2020 Federal income tax return.

Re: Question as result of filing

rdedit — Sun, 14 Mar 2021 14:15:36 GMT

I didn't include the 2nd payment of $1200 because I didn't get it in 2019. IT came in January...therefore, I shouldn't have received the credit. If it comes in my refund, with do I do with it??

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Re: Question as result of filing

DianeW777 — Sun, 14 Mar 2021 14:19:08 GMT

If the IRS does not reconcile the payments accurately including the $1,200, and it is actually refunded to you, then it should be paid back. Follow the instructions in the link below for your state and to find the correct address.

Returning an Economic Impact Payment (EIP) - Stimulus check.
IRS Specific Details and Address for Repayment