My family was impacted by the COVID 2020 recession and our 2020 income was much lower than 2019. Based on our 2019 income we did not qualify for the third round of stimulus, but based on the 2020 income we qualify for the full stimulus amount.
Under this condition I rushed and filed the taxes 3 days before the stimulus payments in March with the result that I did not receive a stimulus check at all.
Some people told me that I need to amend the taxes and I can request the stimulus as part of my refund. Is this the best way to proceed? If yes, what steps do I need to do to claim my stimulus?
Thanks
If you didn’t get your full first and second stimulus payments, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return.
If you filed your 2020 without claiming the credit on line 30 on Form 1040 (please verify) then you will have to amend your 2020 tax return with Form 1040-X after the original return has been processed. You can e-file your 2020 amended federal tax return. Please see FAQ How to amend a tax return for instructions.
To claim the credit in TurboTax, please follow these steps:
To be eligible for the credit you need to be a U.S. citizen or U.S. resident alien in 2020 and have a Social Security number that is valid for employment.
You cannot be claimed as a dependent by someone else to be eligible.
Your credit amount will be reduced if your 2020 adjusted gross income (AGI) is more than:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )