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Received a Stimulus Payment? IRS Says You Should Keep that Notice

June 23, 2020


If you received an Economic Impact Payment, you should have also received a Notice 1444 in the mail. The Notice 1444 included information about how the payment was made and how to report if you did not receive the payment. For most, you probably considered throwing the Notice 1444 away. Not so fast, according to the IRS.


First of all, if you think that your payment was incorrect, you should keep the Notice 1444, as you will reconcile your payment(s) with what you should have received as part of your 2020 tax return.


But, even if you do not think that your Economic Impact payment was incorrect, you should still keep the Notice 1444 according to the IRS:


Taxpayers should keep this notice filed with all their other important tax records. These include, W2s from employers, 1099s from banks and other payers, other income documents and virtual currency transaction records.


All taxpayers should keep a copy of their past tax returns and supporting documents for at least three years.


It is important to note that even if a taxpayer earned too much money in 2020 to qualify for the credit, the IRS has stated that they will not seek repayment of the Economic Impact Payments.

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