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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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February 28, 2021
5:24 AM