Federal Tax

Cannot Keep Extra Economic Impact Payment

No, you can’t keep an extra payment from the government. If you think you’ve received more than one Economic Impact Payment (EIP), the IRS would like it back. On its website, the IRS instructs taxpayers to double check that an extra payment isn’t a 2019 tax refund, an unemployment compensation payment or an EIP for another family member. Also, the IRS suggests reviewing Notice 1444, “Your Economic Impact Payment,” which EIP recipients receive in the mail. The notice includes the recipient’s name and amount received. If, after checking the items above, you believe you received a payment in error, you must return it to the IRS. For more information, read FAQ #42. For more information, contact Cg. © 2020