filing late E.I.C.

[locksar]

Okla.
When my husband and I filed last April we were misinformed about the E.I.C. (thought we couldn't file because we weren't 25), now we've learned that we could have filed for it. Planned on filing a 1040x to correct this, afraid to now because of this nation-wide tax rebate. Would we lose our rebate if we filed the 1040x now, or should we wait until after receiving the rebate. I guess my fear is that we would be penilized later. Anyone have any idea what I can/should do? Lord knows that I need the $ asap.
Thanx

 

[loku]

If the EIC would effect the rebate amount, the IRS will take that into consideration when responding to your refund. If somehow, the EIC does effect the rebate amount but the IRS issues you your refund without considering that, then they will bill you for any overpayment they made.

I don’t know how clear the above was, but in any case, you lose nothing by filing the 1040X now.

 

[locksar]

Thank you! I will go ahead and file my 1040x and see what happens.