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EIP3 QUESTION


Lee B

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Client filing MFJ's  youngest child was a dependent finishing Community College in 2019.

Child moved out now self supporting, not a dependent in 2020.

Unfortunately the 2020 tax return was not efiled until April 30th, 2021.

Client received a third stimulus rebate totaling of $ 4,200 in March 2021 based on the 2019 tax return.

So what happens with the $1,400 overpayment?

First one of these that I have had.

 

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No repayment re EIP. Lots of double-dipping scenarios for EIP.

(ACTC does have repayment on the return, except for lower incomes qualifying for repayment protection.)

Did child get RRC1 and RRC2 on his 2020 return? If not, and if he was NOT qualified to be claimed by his parents, you can amend 2020. And, now RRC3 on his 2021 return?

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