The IRS has announced that they have finished making all first and second rounds of Economic Impact Payments. These Economic Impact Payments (commonly known as “stimulus payments”) were mandated by law to be paid to U.S. citizens and resident aliens, including children, and were generally paid via direct deposit to your bank account.
If you were eligible to receive a stimulus payment, but didn’t receive one or both installments in full, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. To claim this credit, you must file a 2020 tax return even if you are not required to file a tax return for 2020.
If you didn’t receive a stimulus payment that you believe you were entitled to, please contact our office so that we can look at your circumstances and make sure that you receive any Recovery Rebate Credit that you are due.
This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.