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After you file
The second stimulus payment needs to be reported on your 2020 income tax return even though it was received in 2021. This payment is factored into the calculation of the Recovery Rebate Credit. The credit is generated if you were entitled to the stimulus payment but never received it. If you did not receive any payments, then the credit is used to essentially rectify the error and give you a credit on your tax return to offset any tax liability. If there is an excess amount of credits, you would receive a refund on your tax return for the excess.
Please see the attached link for more information on who can claim the credit and all other requirements.
Recovery Rebate Credit eligibility
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March 28, 2021
11:30 AM
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