EIP2 deposits that were erroneously sent to closed refund transfer accounts were required to be returned to the IRS. The bank does not have these payments, and the IRS will be issuing these payments directly to taxpayers.
Most taxpayers EIP2 stimulus payments will be processed by IRS and sent via your bank account or by check by February 1st based on the information you provided with their 2019 tax return.
Once payments are made by IRS, the Get My Payment tool on the IRS website
https://www.irs.gov/coronavirus/get-my-payment
will be updated to reflect the payment amount after February 1st.
Banks or tax preparers DO NOT have the funds – the US Treasury has the money and will be delivering it to taxpayers through the IRS process as stated above.
If you moved or changed address the you can go online to the USPS website and submit a change of address.
USPS Change Of Address – Skip the Post Office Line
What is the Recovery Rebate Credit?
The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.
The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.
Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They already received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if:
Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and.
Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.
Who can claim the Recovery Rebate Credit?
Eligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR.
Generally, you are eligible to claim the Recovery Rebate Credit if you were a U.S. citizen or U.S. resident alien in 2020, cannot be claimed as a dependent of another taxpayer for tax year 2020, and have a Social Security number valid for employment that is issued before the due date of your 2020 tax return (including extensions).
You must file Form 1040 or Form 1040-SR to claim the Recovery Rebate Credit even if you are normally not required to file a tax return. Anyone with income of $72,000 or less can file their Federal tax return electronically for small fee through MKG Tax Consultants eFile Program.
The safest and fastest way to get a tax refund is to combine electronic filing with Direct Deposit.
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Marshawn Govan, RRTP
Register Return Tax Preparer
MKG Tax Consultants
4021 N Fresno Street #107
Fresno, CA 93726
Phone (559) 412-7248
Toll-Free 1-866-675-3933
Tax, Accounting, Audit, Assurance & Advisory Service
Website: mkgtaxconsultants.com
