Color of Money
WHAT EXACTLY DO I PUT ON LINE 30? >> You will only fill in the amount of the total credit you are due from either the first or second round or both. If you received a partial payment you would include the balance of the credit you are owed.
You may have received the full stimulus payment for yourself, but you had a child in 2020. If you’re eligible for both payments you would claim the full $1,100 for the baby ($500 from the first stimulus round and $600 from the second).
There’s a worksheet with the 1040 instructions to help you determine your recovery rebate credit amount. A tax professional or do-it-yourself tax software will help you figure out how much to claim.
Also, you don’t need to file the worksheet with your return. “It’s merely a worthwhile mechanism for arriving at the correct amount, if any, to put on Line 30,” said the IRS’s Smith.
I CAN’T RECALL HOW MUCH I RECEIVED. HOW DO I VERIFY MY PAYMENT? >> You should have received IRS Notice 1444 for the first economic impact payment, and Notice 1444-B for the second one.
“Taxpayers should keep these notices for their records,” says Sarah Shannonhouse, manager for tax practice and ethics with the American Institute of CPAs.
HOW CAN I GET A REPLACEMENT NOTICE IF I’VE LOST IT OR NEVER RECEIVED ONE? >> You can find a copy online if you have an IRS tax account. Go to irs.gov and search for “View Your Account Information.”
The amounts of your stimulus payments are found under the tax records tab. The IRS says you should find two separate amounts: the total amount of your first economic impact payment, if you’ve received multiple payments, and the amount for your second payment.
If you and your spouse received joint payments, each of you will need to sign into your own account to retrieve your separate amounts, the IRS says.
If you don’t have a tax account, you’ll have to create one. But this may not be easy for some people.
The IRS has to verify your identity. It’s supposed to take about 15 minutes. However, if you get stumped on the security questions or you don’t have a U.S.-based and text-enabled mobile number connected to your name, or the IRS can’t verify your number (this happened to me), you’ll have to wait for an activation code to be mailed.
The IRS says to allow 10 business days for delivery. But when you factor in delays at the dysfunctional U.S. Postal Service, that timeline may be wishful thinking.
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