How to Return an Economic Impact Payment (EIP)

How to Return an Economic Impact Payment (EIP)

Presented by Aldrich CPAs

Across the nation, taxpayers are receiving stimulus checks from the federal government to ease financial concerns due to COVID-19. Because the checks are based on 2018 or 2019 tax filings, deceased or incarcerated individuals may have erroneously received checks. There have also been some instances of some people receiving duplicate checks if their filing status changed from single to married between 2018 and 2019.

All that to say, if an individual received an EIP that they were ineligible to receive, the Treasury has said that the money should be returned.

Here, we’ve outlined how to return the incorrectly received stimulus money.

Physical Checks

If you received a physical check in the mail, write “void” in the endorsement section on the back of the check. Then, mail the voided check back to the appropriate IRS location.

It’s important to avoid stapling, bending, or paper clipping the check and include a note stating the reason for returning the EIP.

Direct Deposits or Cashed Checks

For checks that came to you via direct deposit, or you’ve already cashed the paper check, you should submit a personal check or money order to the appropriate IRS location (determined by your state of residency).

Make the check payable the U.S. Treasury and write 2020EIP and taxpayer identification number as the recipient of the check.

Remember to include a brief explanation as to why you’re returning the funds.

Selecting the Correct IRS Location + Address

Depending on where you live, the returned check will need mailed to a different IRS location.

If you live in the following states, mail the returned check to the address below.

Alaska, Arizona, California, Colorado, Hawaii, Nevada, New Mexico, Oregon, Utah, Washington, Wisconsin, or Wyoming

Fresno Refund Inquiry Unit
5045 E Butler Avenue
Mail Stop B2007
Fresno, CA 93888

If you live in a different state, go the IRS website to look up the appropriate address.

Questions?

As always, your Aldrich Advisor is here to support you. We understand these changes are complex and can answer your questions to set you up for success. For further information about tax planning, please contact your advisor. For more resources, please visit our COVID-19 Resource Center.

This article was created with the best information available as of May 8, 2020. Please continue to check back as we continue to update this information.

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