It’s called the 2020 Recovery Rebate Credit. In the first and second stimulus checks, most people received up to $1,200 and $600.
According to the IRS, if you didn’t get a first and second Economic Impact Payment or if you got less than the full amounts, you could be eligible to claim the recovery rebate credit. The IRS says you must file a 2020 tax return even if you don’t usually file one.
To claim it, you must also know the amount of any first and second payments.
File a tax return electronically and the tax software will help you figure out your rebate credit.
The IRS says you can also determine if you are eligible for the credit and how much you can claim by using the rebate worksheet in the 2020 Form 1040 and Form 1040-SR instructions.
As a result of President Joe Biden’s $1.9 trillion COVID-19 recovery bill passed earlier this month, qualifying adults should expect to see $1,400 payments, in addition to $1,400 for each dependent child under the age of 17 and for each qualifying adult dependent, such as a college student or elderly relative. Qualifying couples who file a joint tax return can expect payments of $2,800.
The second round of stimulus checks provided $600 to individuals earning less than $75,000 a year and married couples earning less than $150,000. In the first round of payments, anyone earning up to $75,000 received $1,200.