The second Economic Impact Payments are being sent to eligible individuals and families. If you’re someone who’s eligible for the stimulus payment but the IRS doesn’t have your payment information, here is what you can do.
The Internal Revenue Service opened an online application at the IRS.gov for eligible individuals. At the time of writing this article, the online applications have been closed and if you missed the deadline to register online, you must file a federal income tax return to get it. This begs a question though. What if you’re a non-filer, how do you get your stimulus payment?
Non-Filers and Rebate Credit
The IRS recently made a statement that non-filers should file a tax return anyway to get their stimulus payments as recovery rebate credit. If your income is less than $12,200, you’re a non-filer. File a federal income tax return and claim the recovery rebate credit. This tax credit is just like any other tax credit but since you don’t have a tax liability as a non-filer, you will get the full amount of the tax credit as a refund.
On the other hand, taxpayers who have tax liability can simply claim the recovery rebate credit to either increase their refunds or reduce the amount owed. Unlike a few other tax credits such as the 2021 child tax credit, the recovery rebate credit is refundable dollar-for-dollar. This means the full amount of the credit will be added to your refund.
Take note that the recovery rebate credit can also be claimed for the first Economic Impact Payments you were eligible for but didn’t get.
EIP2 – IRS Treas 310 – xxtaxEIP2
If you’ve seen IRS Treas 310 or xxtaxEIP2 on your bank statements, know that this refers to the second Economic Impact Payment. Some taxpayers will also receive their stimulus payments as a debit card or a paper check. The US Department of Treasury will issue debit cards first until it runs out and checks will replace debit cards.
Those who received their first stimulus payments as a debit card might receive a paper check this time or the complete opposite.