Recovery Rebate Credit a.k.a. Stimulus Check
Recovery Rebate Credit – Economic Impact Payment – Stimulus Check
Didn’t get your money? No need to worry because it is still available to you.
Why does everyone need to use different names for the same thing? Recovery Rebate Credit is the name the IRS is using for a new credit on the form 1040 in tax year 2020. If you did not get a Stimulus Check (Economic Impact Payment) during the year or did not get the full amount than this credit is for you. Basically, if you didn’t get your $1,200 payment ($2,400 is married filed jointly) or were missing the $500 for each qualifying child than you can receive that amount as a refundable credit.
There are still requirements for this and will use the Recovery Rebate Credit Worksheet to ensure you are eligible. You must not be a dependent on another person’s 2020 return. Have a valid social security number. Must under the income limit to receive the full amount (it slowly gets reduced if you are over). Children need to be under at 17 at the end of 2020. Unfortunately children born, adopted, or placed in foster care in 2020 will not qualify.
Find more information about the recovery rebate credit and if you met the eligibility requirements on the IRS website or speak to your Registered Tax Preparer.
We provide third-party links as a convenience and for informational purposes only and accept no responsibility for the accuracy, legality, or content on these sites.
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a client’s particular situation. Bedrock Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research Readers should independently verify statements or seek professional guidance before relying on them.