WHAT IS THE NOTICE1444?

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WHAT IS THE NOTICE1444?

January 27, 2021 | Uncategorized | No Comments

IRS Notice 1444 is the form that shows the amount of the recipient’s Economic Impact Payment (EIP) and will be mailed to every EIP recipient’s last known addresses within 15 days after the payment goes out. You should not be alarmed that you are receiving this notice from the IRS. The IRS notice 1444 information will be needed for your 2020 tax return. Taxpayers should keep this notice filed with all their other important tax records. These include, W-2s from employers,1099s from banks and other payers, other income documents and virtual currency transaction records. IRS has explained the tax implications of receiving an economic impact payment. They note that the payments are considered an advance credit against 2020 tax. Taxpayers will not include the payment in taxable income on your 2020 tax return or pay income tax on the payment. It will not reduce your refund or increase the amount of tax you owe when you file a 2020 Federal income tax return next year. When you file a 2020 tax return, you may claim any additional credit for which you are eligible. The IRS has provided further details and you can access your case in the following:

www.irs.gov/account

For further information, call our office at: (979) 316-3338

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