Partner Support is sharing the latest the latest news release issued today, March 30, by the IRS regarding missing and/or incorrect Economic Impact Payments. Be sure to click on the link to read the news release in it’s entirety as it contains helpful instructions, additional resources and FAQs to assist tax professionals in serving their clients.
IRS News Release IRS IR-2022-72, March 30, 2022 | Español
Letters About Third-Round of Economic Impact Payments Issued; Important Steps to Take for Missing Payments and Corrections
Excerpt: WASHINGTON — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit.
Through December 31, 2021, the IRS issued more than 175 million third-round payments totaling over $400 billion to individuals and families across the country. Most of the third-round payments were issued in the spring and early summer of 2021. The IRS continued to send plus-up payments through December if, after their 2020 tax return was processed last year, the taxpayer was eligible for additional amounts.
As required by law, the IRS is no longer issuing first-, second-, or third-round Economic Impact Payments. Instead, people who are missing a stimulus payment or got less than the full amount may be eligible to claim a Recovery Rebate Credit on their 2020 or 2021 federal tax return.
Most eligible people already received the full amount of their credit in advance and don’t need to include any information about this payment when they file their 2021 tax return. This includes the additional payments – called “Plus-Up” Payments – the IRS issued to individuals who initially received a third-round Economic Impact Payment based on information on their 2019 tax return and were later eligible for a larger amount based on information on their 2020 tax return.
Individuals may securely access their IRS Online Account to view the total amount of the third-round Economic Impact Payment issued to them. This information became available on January 15, 2022, under the Tax Records page in Online Account. For married individuals filing a joint return, each spouse will need to log into their own Online Account or review their own Letter 6475 for their portion of their joint total payment. See FAQs for Topic G: Finding the Third Economic Impact Payment Amount to Calculate the 2021 Recovery Rebate Credit, for more information.
Read this entire news release for additional information and/or instructions on the following:
- Third-round Economic Impact Payment not received? Double-check records first
- Correcting a mistake after the 2021 tax return is filed; no amended return needed
- Amended return may be needed for those eligible to claim the credit and IRS records show no Economic Impact Payment was issued
Don’t forget to also refer to the latest IRS Recovery Rebate Credit Fact Sheet:
New for 2022, these IRS Fact Sheets are an excellent one-stop document containing the most frequently asked questions (FAQs) organized by topic, plus additional information and links to related resources. The IRS keeps them updated often so that you have the latest information as you prepare returns for your clients.
- Fact Sheet FS-2022-12 – Updated February 17, 2022 – 2021 Recovery Rebate Credit (RCC) Frequently Asked Questions
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