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why is EIP 2 info required when that payment should have been received in 2021
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Because that is how the law says it is to be handled?
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Because of what §6428A(e) says about the coordination of Recovery Rebate Credit and Advance Refund (aka EIP).
Still an AllStar
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(@itonewbie Show-off 🤣 )
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Stop pulling my leg. I can't think straight, that's why i rely on what the letter says. 😅
Still an AllStar
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Perhaps it would help to review what is really happening:
The funds were paid out as Advanced payment against a projection. The projection used 2018 or 2019 tax returns. But 2020 is the Actuals. You use the 2020 return to reconcile what a person is entitled to, against what they got.
You might want to bookmark these links and read the IRS guidance.
https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility
https://www.irs.gov/coronavirus/second-eip-faqs#Eligibility
One for each EIP.
Don't yell at us; we're volunteers
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Thanks much appreciated
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EIP received in Feb. 2021 Is it to be included in 2020 tax return
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