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Student1
Returning Member

Received my first Economic Impact Payment with interest in 2022

Hello,

 

When the FIRST Economic Impact Payment (EIP) was made, I did not receive it.  (I received the second and third)  It took me over a year to get the IRS to trace the FIRST EIP.  They could not locate the payment so they advised me to report the amount on my 2021 taxes and they would pay it in the form of a refund.  I reported the amount but the IRS rejected the claim because they could not locate the original check.   I continued to follow up with the IRS and they finally traced the check and were able to confirm the check was never cashed and so they cancelled the check.  The physical check was never located.  The IRS then sent me a replacement check which included interest.   This check arrived and was cashed in 2022.

 

I know I need to report the EIP and interest but I don't know how and turbo tax is not providing a prompt for it.  

Also, I have not received any forms from the IRS about this payment/interest but I know if I receive interest from the IRS, I need to report it.  The interest was just under $26.

 

Could someone please explain to me how I can report the EIP and interest without any forms from the IRS?

Please assume I cannot obtain any forms from the IRS.  I live abroad and I do not have the means to chase the IRS, but I do want to report the amount.

 

Thank you.

 

 

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2 Replies
ErnieS0
Expert Alumni

Received my first Economic Impact Payment with interest in 2022

The first and second Economic Impact Payments were part of the 2020 income tax return.

 

If you claimed the missing first payment as a Recovery Rebate Credit, then you will have to amend your 2020 return to pay back the amount claimed for the first EIP.

 

Check line 30 of your 2020 Form 1040. Because you received the second payment, the amount on line 30 will be the amount you claimed for the first payment. That is what you’ll have to pay back.

 

If you did not use TurboTax in 2020, go to  File your 2020 taxes to purchase the 2020 program. Download this and install it on your computer. The IRS is no longer accepting 2020 returns.

 

If you used TurboTax in 2020 you can amend your return for free. 

 

See: How do I amend my federal tax return?

 

Report the $26 IRS interest on your 2022 return since you received that in 2022.

 

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Received my first Economic Impact Payment with interest in 2022

@Student1 

 

ONLY the interest is reported NOT the EIP ...

 

Enter interest income in the Search box locate in the upper right of the program screen. Click on Jump to interest income

On the screen Did you receive any interest income? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑INT? Click on Type it in myself

 

Enter IRS for the name of the payer and enter the amount of interest received in box 1 of the 1099-INT

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