Did you not receive an Economic Impact Payment (EIP) in 2020?
November 19, 2020
If so, you may be able to claim a Recovery Rebate Credit when filing your tax return in 2021. The credit is figured like the EIP, except the amounts are based on tax year 2020, instead of tax year 2019 or 2018 information. The eligibility criteria are the same, and the maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qualifying child. Those who received the full EIP amount in 2020 for both themselves and their qualifying children are ineligible. You claim the credit on 2020 Form 1040 or Form 1040-SR. We can take care of the details when we prepare your return.