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Iceman_1k
New Member

2020 Economic Impact Payment (EIP) - Do I need to do form if deadine for credit has expired?

Finally catching up with late taxes!  I received the 2 EIP Payments in Tax Year 2020. I know I am no longer eligible for this credit because the deadline expired. Can I simply delete the Recovery Rebate Worksheet to NOT claim a credit? I tried to delete the worksheet using Forms View, but the Desktop 2020 Step-By-Step keeps insisting I complete it in Review, and when I play with the worksheet numbers using Forms View, I wind up with a big refund instead of the amount due (and I always owe, so a refund is unnatural).

 

Thanks for any help. I couldn't find any guidance on IRS.

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4 Replies

2020 Economic Impact Payment (EIP) - Do I need to do form if deadine for credit has expired?

Sounds like you are answering the question incorrectly.    When you are asked for information regarding the recovery rebate credit--you have to answer correctly that you did receive the EIP payments.   And.....further....it is too late to receive that credit even if you answer incorrectly.  The deadline to claim that credit was on May 17, 2024 so the IRS will not pay it to you even if you incorrectly have it on your 2020 Form 1040.   Any 2020 refund has already been forfeited; if you owe tax due for 2020, your late filing penalties and interest have been adding up since the filing deadline for that 2020 return.

**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.**

2020 Economic Impact Payment (EIP) - Do I need to do form if deadine for credit has expired?

And...you mentioned that you are just now catching up on some past years.   It is not too late to get the recovery rebate credit for 2021 when you prepare a 2021 return.   But any past year returns must be prepared using the software and forms for the specific tax year, and must be filed by mail.   E-filing is closed.

 

 

 

To file a return for a prior tax year

 If you need to prepare a return for 2020, 2021, or 2022  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

 

Remember to prepare your state return as well—if you live in a state that has a state income tax.

 

https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0... 

 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

 

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

 

 

Refunds for tax years 2020 or earlier have been forfeited and will not be paid to you even if shown on the tax return form.  But if you owe tax due, you will still have to pay, and you will be billed later for the interest and penalties owed.  TurboTax will not calculate the penalties or  interest.   That will be done by the IRS/state after they receive your return with your payment of the tax due as shown on the tax form(s).

 

 

 

 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

 

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

 

**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.**
Iceman_1k
New Member

2020 Economic Impact Payment (EIP) - Do I need to do form if deadine for credit has expired?

Thank you. I think you are right. Just answer the TTAX 2020 Step-by-step, auto-generate the Worksheet, and let the IRS tell me if I owe or not. I got a second opinion from a CPA this morning who said the same thing.

 

Your Answer: "Sounds like you are answering the question incorrectly.    When you are asked for information regarding the recovery rebate credit--you have to answer correctly that you did receive the EIP payments.   And.....further....it is too late to receive that credit even if you answer incorrectly.  The deadline to claim that credit was on May 17, 2024 so the IRS will not pay it to you even if you incorrectly have it on your 2020 Form 1040.   Any 2020 refund has already been forfeited; if you owe tax due for 2020, your late filing penalties and interest have been adding up since the filing deadline for that 2020 return."

2020 Economic Impact Payment (EIP) - Do I need to do form if deadine for credit has expired?

For 2020, it is too late to get any refund.  To make Turbotax not add a rebate, just tell the program that you did receive the payment.  (It only tries to claim a credit if you tell it you did not get the incentive payment before filing your return.)

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