Economic Impact Payment

The good news is your Economic Impact Payment does not count as taxable income. Instead, it is being treated like a refundable tax credit for 2020. It is like an advance on money you would have received anyway as part of your tax refund in 2021. 

Therefore, if you received an Economic Impact Payment, please provide “IRS Letter- Notice 1444 Your Economic Impact Payment” with your 2020 tax records. This letter will enable us to determine if you are eligible for the Recovery Rebate Credit. This IRS Notice 1444 can also be used by people who are not normally required to file tax returns but are eligible for the credit.  

Generally, this credit will increase the amount of your tax refund or lower the amount of the tax you owe.

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