Posted on 02/11/2021 4:58:40 PM PST by where's_the_Outrage?
Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments.
If we issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when you file your 2020 tax return because we already issued your Recovery Rebate Credit as Economic Impact Payments.
If you’re eligible for the credit, and either we didn’t issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
You will need to know the amount of any Economic Impact Payments issued to you to claim the Recovery Rebate Credit. If you’re eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments we issued to you. Always be complete and accurate when you file a return.
(Excerpt) Read more at irs.gov ...
Re: I excerpted so you check the IRS source document.
I think you left out a word or two in that sentence.
Yes, I was just reading this earlier today as I do my taxes. We did not get all of our original stimulus, now it just gets applied to taxes owed. Not very nice of them.
Lovely. So if you did well in 2018 & 2019, but lost your job to covid, you get nothing?
I did not get a check and i retired last year. So i was surprised when i did my taxes via Turbo Tax that they asked if i got a check. i replied no, and got a credit.
bookmark
I think the credit goes against one’s 2020 taxes.
2019 was just used as an estimate.
It looks to me like you dont get the stimulus check if you did well in 2018 and 2019 but you get the recovery credit based on 2020.
But I could be reading it wrong.
The Dems were recently bringing up that people were getting the shaft in the year when everything turned upside down. I have been pointing out this issue for some time. It needed to be reconciled.
Bkmk
Congress chose the 2020 tax year to pass out stimulus money. Since taxpayers hadn’t filed it yet, they used the 2018 and 2019 tax years as the baseline to get eligibility, addresses, and bank account info.
That’s why so many elderly and disabled that no longer need to file taxes did not get a stimulus payment. They will need to file a “Not Required to File” tax return to get the credit paid to them. Privacy rules keep the IRS from getting certain taxpayer information from other agencies, such as the VA system and Social Security payments.
When they want to, federal bureaucrats will listen to laws and the rules they are supposed to always obey.
The first two stimulus payments were passed during the 2020 tax year. The next stimulus, if approved will be disbursed as part of the 2021 tax and budget season.
Thanks! And bkmk
Q B10. Incarcerated Individuals: Can I claim the credit if I was incarcerated in 2020? (added February 5, 2021)
A10. Yes, individuals will not be denied the Recovery Rebate Credit solely because they are incarcerated.
Where it gets a bit tricky is for children who were claimed as dependents in 2018 and/or 2019 (parents got $500 stimulus for them) and are filing their own returns in 2020 will be eligible for the credit.
If I read it correctly!
And my elderly brother, who doesn’t file tax returns because he doesn’t have enough income, gets nothing?
On the IRS website, there’s a way to put in for the stimulus check for non filers.
I think the non-filer deadline was Nov. 2020 to use the website for applying for the stimulus check.
Now people must file a tax return and claim the Recovery Rebate Credit to get the money. At least I think that’s correct according to IRS information online.
The November deadline was for the last stimulus.
Yes, I thought the topic everyone was referring to was the 2020 stimulus checks,,not future ones.
SAVED!
A fuel tax will ultimately cost Delta nothing. Only their customers.
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