Economic Impact payment

Economic Impact Payment refers to the 3rd stimulus check that we received in March or April last year.

Is this what you are wondering about?

Yes. I never received the payment.

I am eligible to claim it on my 2021 federal income tax return per the IRS letter.

However, I see no listing anywhere on Turbo Tax that mentions the Economic Impact payment or claiming the Recovery Rebate credit.

Follow the steps below to enter your information for the Economic Impact Payment

In TurboTax Online, to claim the Economic Impact Payment, please do the following:

1. Sign into your account and continue from where you left off
2. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
3. On the next page titled Let's double-check the amount you received; TurboTax will recommend the amount you should receive as per your filing info. If that matches the amount you received you will select Yes, or else No.

Please refer to the image below

That screen that says Lets double check the amount you received

never showed up on my screen.

I was in the federal review section. No mention or even a hint of the economic impact payment or recovery rebate was ever mentioned.

I am totally stuck.

TurboTax will not show you the stimulus screen if you are ineligible for the payment.

To get to the Recovery Rebate Credit section

• Type stimulus in Search in the upper right
• Click jump to stimulus

If you don't see a stimulus screen, it means you are not eligible based on the information you entered into TurboTax.

See Eligibility for claiming a Recovery Rebate Credit on a 2021 tax return

It is really based on your 2021 income.

To get to the stimulus questions in TurboTax at any time, you can search for stimulus or recovery rebate credit then hit ENTER and there should be a Jump to link.

If you are trying to trigger it,
Click on Other Tax Situations at top
Click on Let's get started
Answer some questions then Continue
Then click on Let's keep going
Next screen is for the Third Stimulus, if you qualify

If you did not get prompted to enter your stimulus information, that means you either:

Filed as a dependent being claimed on another tax return, or
have an AGI too high to claim the recovery rebate

See Question 1 here for eligibility requirements,
https://www.irs.gov/newsroom/2021-recovery-rebate-credit-topic-c-eligibility-for-claiming-a-recovery-rebate-credit-on-a-2021-tax-return

Some of my friends say there is a place to enter the $1,400 Economic Impact Payment, but the instruction say not to.  Where is the truth?

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@Kathryn Starr wrote:

Some of my friends say there is a place to enter the $1,400 Economic Impact Payment, but the instruction say not to.  Where is the truth?

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What instructions, where?

If you received the 3rd stimulus payment you need to report it on your 2021 tax return so that you will not have the Recovery Rebate Credit erroneously entered on your 2021 tax return.

The stimulus question is asked in the TurboTax program after you have completed all your entries for the federal tax return and are in the Federal review section.

There are only two reasons you would Not be asked about the 3rd stimulus payment -

1.  You are being claimed as a dependent (or)

2.  Your 2021 Adjusted Gross Income is over the maximum to receive the Recovery Rebate Credit

• Single or married filing separately—$80,000
• Married filing jointly or qualifying widow(er)—$160,000
• Head of household—$120,000

I originally filed my taxes and said i didnt get the impact payment because we couldnt remember if we got it.  Now I have received notice CP11 and it is telling me that I Owe $1498 in taxes.  Do I amend my return?  if I amend my return do I put the amount on the IRS letter 6475 or do I put the actual amount I received?

No, you would not need to amend your return.  The letter probably tells you not to amend your return as the IRS already made adjustments to it.  

You will just need to make the payment to the IRS which can be done by following the instructions on your letter. 

where do I input the Payment amount

Follow the steps below to enter your information for the Economic Impact Payment

1. Click on Tax Home from Left Side Menu.
2. Click on Personal Info from the Main screen and then click on Review/Edit
3. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
4. On the next page titled Let's double-check the amount you received; TurboTax will recommend the amount you should receive as per your filing info. If that matches the amount you received you will select Yes, or else No.

Please refer to the image below

I put this down as a taxable  INCOME will the irs catch this mistake

@RB99   What did you enter as taxable?  The Recovery Rebate Credit?  What line did it show up on as taxable?

Where do I Claim my Economic Impact Payment

Yes

To access the stimulus section of the return, please complete the following:

1. Open your return.
2. Search stimulus with the magnifying glass tool at the top of the page.
3. Click on the Jump to link. 
4. Enter the amount of stimulus you received on the page, Let's double-check the amount you received. Enter your total third round payment as it appears on your Letter 6475 from the IRS. 

Please note that this page will not appear if your income is above the limits of the Recovery Rebate Credit. Those limits are:

• $160,000 if married and filing a joint return or if filing as a qualifying widow or widower
• $120,000 if filing as head of household or
• $80,000 for all others.

@Ralph8

I didn’t receive my third eip.  How can I get it?

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@Black_0301 wrote:

I didn’t receive my third eip.  How can I get it?

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First check to see if it was sent.

Go to this IRS website for your tax account to see if the 3rd stimulus payment is entered - https://www.irs.gov/payments/your-online-account
If you are Married Filing Jointly also check your spouse's tax account.

If your tax account shows the $1,400 EIP3 payment was made -

Check your bank account in the March - May 2021 timeframe and there is not a EIP3 payment from the IRS then go to this IRS website for how to start a trace on the payment - https://www.irs.gov/newsroom/questions-and-answers-about-the-third-economic-impact-payment-topic-j-payment-issued-but-lost-stolen-destroyed-or-not-received

If your account does not show a payment was made and you were NOT claimed as a dependent on someone else's 2021 federal tax return you will either have to file a 2021 return to get the Recovery Rebate Credit or you will have to amend the 2021 tax return that you filed for the Recovery Rebate Credit.

To complete and file a 2021 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2021 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/

A 2021 tax return can only be printed and mailed, it cannot be e-filed.

Or, see this TurboTax support FAQ for amending a 2021 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-2021-return/L1gEU4G3X_US_en_US?uid=lal4akko