Can I get credit for my economic impact payment that I never recieved?
Individuals who were eligible for the Economic Impact Payment (EIP), also known as an Advance Recovery Credit Rebate, but did not receive it can claim a refundable tax credit (Recovery Rebate Credit) on their 2020 federal Form 1040 or 1040-SR, even if you are not normally required to file a tax return. This credit will increase a refund or decrease the amount of tax you owe!
Individuals who received the full amounts of both economic impact payments do not need to complete any information about the recovery rebate credit on their 2020 tax returns. The economic impact payments were paid in two rounds of advance payment during 2020 and early 2021.
You received the full amounts of both economic impact payments if:
- Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and.
- Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.
Generally, you are eligible to claim a recovery rebate if you were a U.S. citizen or U.S. resident alien in 2020, cannot be claimed as a dependent of another taxpayer for tax year 2020, and have a social security number valid for employment that is issued before the due date of your 2020 tax return (including extensions).
However, your Recovery Rebate Credit amount will be phased out if your adjusted gross income for 2020 exceeds $150,000 if you are married filing a joint return or filing as a qualifying widow or widower, $112,500 if you are using the head of household filing status, or $75,000 if you are filing as single or married filing separately.
Please contact us to address any questions or concerns that you may have!