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papasmu1971
Level 3
02-23-2021
06:06 PM
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EIP2 received in January 2021. Is it reported for tax year 2020.
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TAXOH
Level 11
02-23-2021
06:09 PM
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It gets reconciled on the 2020 return.
qbteachmt
Level 15
02-23-2021
07:33 PM
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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.
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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