If you didn’t receive one or more of the stimulus checks issued during the COVID-19 pandemic, you might still be able to claim them. Many individuals either didn’t receive the full amount or missed out on their payments altogether. Luckily, through the Recovery Rebate Credit (RRC), you can still get what you’re entitled to by filing for the credit on your federal tax return.
Who Can Claim the Recovery Rebate Credit?
Anyone who didn’t receive all of their stimulus payments can file for the Recovery Rebate Credit. This applies to both the 2020 and 2021 tax years, depending on which payment round was missed. Here’s how it works:
- The first two stimulus checks were advance payments of the 2020 Recovery Rebate Credit.
- The third stimulus check, which began in 2021, was an advance payment of the 2021 Recovery Rebate Credit.
If you didn’t receive the full amount for any of these payments, you can claim the remaining balance through the credit when you file your taxes.
Steps to File for the Recovery Rebate Credit
To claim the Recovery Rebate Credit, you’ll first need to know the exact amounts of the stimulus payments you’ve already received. This information can be found in Letter 6475, which the IRS sent out to detail the third Economic Impact Payment. You can also check your IRS Online Account if you no longer have the letter.
When filing your tax return, be sure to input these amounts correctly to avoid errors. You can use tax preparation software or the Recovery Rebate Credit Worksheet on Form 1040 to calculate the amount owed. Filing electronically is highly recommended to reduce errors and speed up the refund process.
For more information, you can visit the IRS website, which provides detailed instructions on how to file for the Recovery Rebate Credit.
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What If You Already Received the Full Amount?
If you’ve already received the full stimulus amount, you don’t need to do anything further. However, if you received less than the full amount or didn’t qualify initially, you may still be eligible to claim the credit based on your 2021 financial situation.
Claiming the Recovery Rebate Credit ensures you receive any unclaimed stimulus payments, whether as a refund or a reduction in the taxes you owe.