Will I get the third EIP?

[iMac12]

My parents claimed me in 2019 and I did not get the first or second EIP. They are unable to claim me in 2020 because I provide half of my own living expenses and graduated from undergrad. I'm filing my 2020 taxes independently for the first time this tax season. I finished my taxes using TurboTax recently, and I do qualify for the recovery rebate credit because of my situation.

My parents received my $1,400 in early March because at that time neither my parents or me had filed 2020 taxes so that payment was based on 2019 returns. I haven't officially filed my 2020 tax return yet because I'm unsure if there's something I can do to get the third EIP. I doubt my parents will just give me that $1,400.

Is there a way I will be able to get the third EIP? Will be payment be sent at some point after I file my taxes since I'm now independent? Could I claim a rebate credit on 2021 returns? The IRS website doesn't really have information that is relevant to my situation.

[MinhT1]

You are eligible for the third stimulus based on your 2020 tax return. Your parents can also keep the third stimulus that they received for you.

The IRS says in this document:

If a taxpayer's payment is less than the full amount and is based on their 2019 return, they may qualify for a supplemental payment after they file their 2020 return. The IRS will automatically reevaluate their eligibility. If the agency determines that they are entitled to a larger payment or the full payment, it will send them a supplemental payment covering the difference between what they originally received and the larger amount. If the re-evaluated amount is smaller, they won't need to pay back the difference. Aside from filing a 2020 tax return, no action is needed on their part.

If you do not receive it 2021, you may be able to claim it as the Recovery Rebate credit on your 2021 tax return.

[iMac12]

Thank you so much for that- I appreciate it.😊

Do you recommend I go ahead and file my return then?

TurboTax gives me the below message when I'm about to file:

"Your new tax breaks may affect how you file. From what you’ve told us, you qualify for additional tax relief as part of the recent American Rescue Plan. We’ve updated your federal return to include any unemployment benefits but we’re still working on state returns."

Also, do you imagine I will receive the money in 2021 then or is a rebate next year more likely?

[Irene2805]

Yes - File your return. 

That way you will be on the IRS records and possibly receive the rebate this year.  The IRS will be conducting a review of returns to determine whether taxpayers received the correct stimulus amount and then will be issuing payments for the difference. 

It's not possible to say for sure when you will be receiving yours.  But, as MinhT1 states above, If you do not receive it 2021, you may be able to claim it as the Recovery Rebate credit on your 2021 tax return.  After your return has been accepted and processed you can use these tools on the IRS website:

• Get My Payment - to check on the stimulus payment
• Where's My Refund? - to check on your refund