The IRS and Treasury have issued all first and second Economic Impact Payments.
If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file.
Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments. All Economic Impact Payments have now been issued.
If you’re eligible for the credit, and either the IRS didn’t issue you any Economic Impact Payments or the IRS issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit even if you are not required to file a tax return for 2020.
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information you include on your 2020 tax return.
You will need to know the amount of any Economic Impact Payments issued to you to claim the Recovery Rebate Credit. If you’re eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments we issued to you. Always be complete and accurate when you file a return.
File electronically and the tax software will help you figure your Recovery Rebate Credit. Visit IRS.gov/filing for details about IRS Free File, Free File Fillable Forms, free VITA or TCE tax preparation sites in your community or finding a trusted tax professional.
The Recovery Rebate Credit Worksheet in the Form 1040 and Form 1040-SR instructions can also help determine if you are eligible for the credit.
Anyone with income of $72,000 or less can file their Federal tax return electronically for free through the IRS Free File Program. The fastest way to get your tax refund is to file electronically and have it direct deposited – contactless and free – into your financial account. You can use a bank account, prepaid debit card or mobile app for your direct deposit and will need to provide routing and account numbers.
For more detailed information see the Recovery Rebate Credit Frequently Asked Questions.