Attention to all who may qualify for the Recovery Rebate Credit from the IRS: Time is ticking to file your tax return and secure your rightfully owed funds!
Amid the pandemic, many eligible individuals have already received their Economic Impact Payments or claimed them through the Recovery Rebate Credit. Yet, the clock is ticking; you have until:
The Recovery Rebate Credit is like a financial lifeline for those who missed the Economic Impact Payments, commonly known as stimulus checks, distributed in 2020 and 2021. The IRS believes there are still pockets of people and families who still need to claim their slice of this pie. You must file a tax return to grab this opportunity – don’t worry, even minimal or non-existent income counts.
For the 2020 Recovery Rebate Credit, you should have been a U.S. citizen or resident alien in 2020, not listed as someone else’s dependent, and own a Social Security number valid for U.S. employment issued before the tax return due date.
For 2021, the rules are similar but with a twist: you can claim for a dependent with a Social Security number or an Adoption Taxpayer Identification Number.
It is possible to claim the 2020 Recovery Rebate Credit for someone who passed away in 2020. And if someone departed in 2021 or later, you can claim the 2020 and 2021 credits on their behalf.
Claim the 2020 and 2021 Recovery Rebate Credits – file your individual tax returns by May 17, 2024, and April 15, 2025, respectively.
Need help filing your Individual tax filing? NexGen Taxes’ team of fully vetted accounting and tax professionals can help you file your personal tax returns for the years 2020 and 2021 and help you claim the Recovery Rebate Credit you are entitled to. We are here for you 24/7, reach out to us today.