As we move into the 2020 tax filing season, I know that there are many questions related to missing or partially received Economic Impact Payments (EIPs), also known as stimulus payments. If you were eligible and did not receive an Economic Impact Payment – or you were issued less than the full amount – then you are encouraged to claim a Recovery Rebate Credit (RRC) by filing your Form 1040 or 1040-SR.
To determine if you are eligible for a Recovery Rebate Credit, CLICK HERE.
It is important to note that while Economic Impact Payments were based-off of your 2018 or 2019 tax filings, the Recovery Rebate Credit is based-off of your 2020 tax filing – eligibility and amount. Moreover, you must file a 2020 tax return to claim the Recovery Rebate Credit, even if you are not required to file taxes because of your age, income, or filing status, also known as a non-filer.
You may find a full list of frequently asked questions related to the Recovery Rebate Credit for non-filers HERE.
To determine the amount of your Recovery Rebate Credit, the Internal Revenue Service (IRS) has provided a Recovery Rebate Credit Worksheet found in the 1040 and 1040-SR instructions – page 59.
You can find the Form 1040 and 1040-SR Instructions HERE.
The quickest way to receive the Recovery Rebate Credit is to file your taxes electronically and have your refund direct deposited into your financial account.
For further information on the Recovery Rebate Credit please visit IRS.gov/RRC.