The IRS has announced special payments going out this month to 1 million taxpayers who did not claim the 2021 Recovery Rebate Credit. If you are missing stimulus payments, you may be eligible to claim a Recovery Rebate Credit for tax year 2020 or 2021. Securely access your IRS online account to view the total of your Economic Impact Payments and learn about eligibility for claiming credits.
For those who have not received all their stimulus payments, it is essential to review the information below to determine eligibility for the Recovery Rebate Credit. Through March 2022, the IRS will send Letter 6475 confirming the total amount of your third Economic Impact Payment and any plus-up payments received for tax year 2021. This information will be crucial for accurately calculating the 2021 Recovery Rebate Credit on your 2021 federal tax return.
Individuals who are married filing joint will need to log into their own online account or review their letter for their payment information. All amounts must be considered if filing jointly. Using the total amount of the third payment when preparing a tax return can reduce errors and avoid delays in processing.
If you are eligible, you can claim the 2020 Recovery Rebate Credit by filing a 2020 tax return. Stay updated on the latest IRS announcements and tax-related information at IRS.gov/coronavirus.
Attribution:
This article was summarized and republished from the original source.
Please check the original article here: https://www.irs.gov/coronavirus/economic-impact-payments.