The Internal Revenue Service (IRS) is reminding taxpayers that the deadline to claim the Recovery Rebate Credit for the first and second round of COVID-19 stimulus payments in 2020 is approaching.
May 17th, 2024 is the last day to file a tax return and claim this credit. This applies to individuals who did not receive the full amount or weren’t eligible to file a tax return earlier.
The Recovery Rebate Credit is a refundable tax credit for those who missed out on the Economic Impact Payments in 2020. To claim it, you must file a 2020 tax return, even if you had minimal or no income.
For those who qualify for the 2021 Recovery Rebate Credit, the deadline to file is April 15, 2025.
The IRS also urges everyone who hasn’t filed a 2020 tax return to check their records. You might be overlooking a potential tax refund that will disappear after May 17th. The IRS will release more details on unclaimed refunds by state later this month.
Who is eligible?
To qualify for the 2020 Recovery Rebate Credit, you generally need to be a U.S. citizen or resident alien in 2020, not be claimed as a dependent on another tax return, and have a Social Security number by the due date.
The amount of the credit depends on your filing status and dependents in 2020. It can be claimed for someone who passed away in 2020 or later.
Here’s a breakdown of the maximum credit amounts:
- Single filers: Up to $1,200
- Married couples filing jointly: Up to $2,400
- Qualifying dependents: An additional $500 per dependent
There was also a second round of Economic Impact Payments in December 2020, included in the 2020 Recovery Rebate Credit. These payments were:
- Individuals: Up to $600
- Married couples filing jointly: Up to $1,200
- Qualifying dependents: An additional $600 per dependent
Don’t miss out! File your 2020 tax return by May 17th to claim your Recovery Rebate Credit.
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