Use Recovery Rebate Credit Form to get Recovery Credit. The Recovery Credit is part the Coronavirus Aid, Relief and Economic Security Act (CARES) that was passed in March 2020. The first stimulus payment offered up to $1,200 for a qualifying adult and $500 for a qualifying dependent. The majority of these payments were sent to recipients by mid-2020.
The two first rounds of Economic Impact Payments consisted of advance payments from the 2020 Recovery Rebate Credit. The majority of eligible individuals have already received the payments, and will not include this information in their 2020 tax returns.
You may be eligible for the 2020 Recovery Rebate Credit if you did not receive a first or second Economic Impact Payment, or received less than the full amount.
You must file a 2020 tax returns in order to claim the 2020 Recovery Rebate Credit.
It is also important to know the amount of any Economic Impact Payments you have received.
To calculate your 2020 Recovery Rebate Credit amount, you will need to know the amounts of the first and second Economic Impact payments that you have received.
This information will be helpful when you are completing your 2020 tax return. To calculate your credit amount if you are eligible for the 2020 Recovery Rebate Credit you will need to use the information provided in your tax preparation software and the 2020 Recovery Rebate Credit Worksheet.
The amount of 2020 Recovery Rebate Credit that you are eligible for will be reduced by any first or second Economic Impact Payments that we issue to you.