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How to claim missing stimulus payments with the Recovery Rebate Credit on your 2020 tax returns

How to claim missing stimulus payments with the Recovery Rebate Credit on your 2020 tax returns

INTERNET MARKETING NEWS

How to claim missing stimulus payments with the Recovery Rebate Credit on your 2020 tax returns

Jessica Menton
 
| USA TODAY
2020 taxes: Do you owe taxes on stimulus checks or unemployment?Because of the coronavirus pandemic, 2020 may be a tax year like no other. Here are answers to some of your top questions.USA TODAYMissing a stimulus payment? You’re not alone. About 8 million households still haven’t received their $1,200 checks yet from the first round of payments in April, according to the Treasury Department. Many of them may have also been left out of the $600 checks that were issued in December, experts warn.The left-out households are primarily low-income, which are typically not required to file tax returns because their members don’t earn enough money. Last spring, the IRS launched an online non-filer tool through which individuals could submit their personal information to receive the stimulus checks.But some of these low-income households didn’t have the tools, technology or resources to submit their information online to get the money. Others failed to receive stimulus checks due to glitches or incorrect bank account information.IRS tax season kicks off: From stimulus checks to unemployment benefits, here’s what you need to know.Claim your missing stimulus checkIf you didn’t receive a payment, or if you received less money than you’re eligible for, then you may be eligible to claim the Recovery Rebate Credit. For example, a child’s credit may not have been included in your payout.To get that owed money, you must file a 2020 federal income tax return, including those who don’t normally file taxes.The IRS included a Recovery Rebate Credit Worksheet in the instructions for Form 1040. If you are owed money, look for the Recovery Rebate Credit that is listed on Line 30 of the 1040 Form for the 2020 tax year.The credit will be added to any refund or reduce the tax you owe on your 2020 return. Free File Alliance, an IRS program that partners with private companies to provide free tax preparation to millions of filers, is available to those whose adjusted gross income was $72,000 or less in 2020.


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