This is a statement that we have heard over and over again this year during tax appointments. We would like to help you understand and clarify a few things that may help you to understand this a little more.
There were 3 payments that you should have received by now. They would be defined on your bank statements as EIP1, EIP2, or EIP3.
EIP1 was the first one that may have been deposited around April 2020, and should have been $1200 per adult, and $500 per dependent.
EIP2 was the second one that may have been deposited around December 2020 or January 2021. This one would have been $600 per qualifying individual.
EIP3 was the third one that may have been deposited around April 2021. This would have been $1400 per qualifying individual.
There are many ways that it may have been given to you.
Direct Deposit - this would be deposited directly into your bank account using the description EIP1, EIP2, or EIP3. You can check your bank statements to see if this is reflected, or call your bank to verify.
Debit Card - Some individuals may have received a Debit Card in the mail that had the money directly loaded on it. Hopefully you did not think this was junk mail and throw it away. If you did that, then you can contact the IRS and let them know. (Click here to do that Get My Payment (irs.gov)
Paper Check - A paper check may have been mailed to you as well.
How do we recover a payment that was not received for a dependent or individual?
When completing your 2020 tax return, we were able to state how much you received for both the EIP1 and EIP2 payments. If you had not received those payments then we were able to recover it as a credit on your tax return.
The EIP3 payment will not be able to be recovered until the 2021 tax filing season, meaning that we will be able to recover this on your 2021 tax return when filed in 2022.