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papasmu1971
Level 3
February 24, 2021

EIP2

  • February 24, 2021
  • 2 replies
  • 0 views

EIP2 received in January 2021. Is it reported for tax year 2020.

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2 replies

TAXOH
TAXOH
Level 10
February 24, 2021

It gets reconciled on the 2020 return.

    qbteachmt
    qbteachmt
    Level 15
    February 24, 2021

    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.

    If the person is not a dependent in 2020, then they would be entitled to the payment/credit as individual filers. That doesn't mean "not being claimed." It means "no longer qualifies as a dependent."

    You might want to bookmark these links and read the IRS guidance.

    Interactive wizards portal for determining dependency:

    https://www.irs.gov/help/ita

    And:

    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.

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