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The third stimulus payment will not be reflected in your 2020 income tax return and is unrelated to the Recovery Rebate credit claimed may be claimed on your 2020 income tax return.
Information on third stimulus payment
The 2020 income tax returns provide a Recovery Rebate Credit in the event you were supposed to receive the first or second stimulus payments but never did.
The amount of the Rebate Recovery Credit is based upon your actual 2020 income tax return you file. Therefore, if you meet the criteria for the credit, you will receive it when you prepare your 2020 income tax return. Any excess credit is then refunded to you if there is an overpayment on your tax return.
Please see the attached link for more information on who can claim the credit.
Recovery Rebate Credit eligibility
When you prepare your 2020 income tax return, be sure to do the following to ensure the credit is calculated correctly on your income tax return.
- In the Federal section, select the Federal Review interview section at the top of the screen.
- This will take you to the input section for the Recovery Rebate credit.
- Be sure to indicate the actual amount of each stimulus payment you received on the page that asks if you received a stimulus payment.
- There will be two boxes and both need to be completed. If you did not receive any stimulus payments, please indicate We didn't get a stimulus payment by checking that box.
