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Recovery Rebate Credit

Taxpayers may be able to receive a Recovery Rebate Credit when they file their 2020 taxes if they were eligible for the Economic Impact Payment and didn’t receive it or didn’t receive the full amount they were entitled to. You may be eligible to receive the Recovery Rebate Credit if meet the eligibility requirements and one of following applies:

– You didn’t receive an Economic Impact Payment in 2020.
– You are single and your payment was less than $1,200.
– You are married, filed jointly for 2018 or 2019 and your payment was less than $2,400.
– You didn’t receive $500 for each qualifying child.

You want to make sure to save your Notice 1444 that you received in the mail because you will need this to determine if you are eligible for the Recovery Rebate Credit when you file your 2020 tax return. The IRS gives a further explanation on their website:

https://www.irs.gov/coronavirus/economic-impact-payments

please consult your tax advisor on all the above information.

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