![]() Generally, you are eligible to claim the Recovery Rebate Credit if you were a U.S. To determine whether you are an eligible individual or the amount of your Recovery Rebate Credit, complete the Recovery Rebate Credit Worksheet in the Instructions for Form 1040 and Form 1040-SR. Who can claim the Recovery Rebate Credit?Įligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. People will see the Economic Impact Payments (EIP) referred to as the Recovery Rebate Credit (RRC) on Form 1040 or Form 1040-SR since the EIPs are an advance payment of the RRC. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes many people, including recent college graduates, may be eligible to claim it. ![]() Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.Įligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021. It is a tax credit against your 2020 income tax. The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. Learn more about the 2020 Recovery Rebate Credit here. If you did not receive the full amount of the first two payments, you may be eligible to claim the 2020 Recovery Rebate Credit on your 2020 tax return. If you have questions about the Get My Payment tool, visit the IRS Get My Payment FAQ page.ĭidn’t get the full First and Second Payments? You can check when and how your payment was sent with the Get My Payment tool. The Third Economic Impact Payments in accordance with the American Rescue Plan Act of 2021 are being distributed by the IRS. How do I get the Third Economic Impact Payment? The IRS also launched a new hotline to help answer FAQs about stimulus payments, which you can reach at 80. ![]() If you have questions, you should visit this FAQ page, which is regularly updated and has helpful info about eligibility, calculating your payment, and more. If you are unsure about the eligibility and contents of each EIP, you can read more about them at these webpages:įor the IRS homepage for all Economic Impact Payments click here. Information on Economic Impact Payment #1, #2, and #3ĬOVID relief packages passed by Congress provided three rounds of stimulus payments.
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