DMarkM1
Employee Tax Expert

Education

At this point any missed stimulus payments have to be claimed on your 2020 tax return in the form of a Recovery Rebate Credit. Your eligibility is based on the information in your 2020 tax return only. Generally, the qualifications are:

  • Be a US citizen
  • Have a valid Social Security Number
  • Have income under $75,000
  • Not be claimed as a dependent on someone's 2020 tax return

If you have received any stimulus payments in rounds one and/or two, your Recovery Rebate Credit will be reduced by those amounts.

 

To recap the stimulus amounts are:  

 

Round one:  $1200 (2400 if filed jointly) plus $500 for each qualifying dependent child age 16 or under

Round two:  $600 (1200 if filed jointly) plus $600 for each qualifying dependent child age 16 or under.

 

Here is a link with more information on the Recovery Rebate Credit.

 

 

 

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