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CORONAVIRUS AND TAXES

The Recovery Rebate Credit

This year the IRS has introduced the Recovery Rebate Credit, which is a credit that will be applied to taxpayers who claim they have not received their stimulus payments or that the payments they received were less than what they were eligible for.

What is the Recovery Rebate Credit?

The Recovery Rebate Credit is a credit that can be claimed on your 2021 taxes if you did not receive your full stimulus payments.

It is similar to the Economic Impact Payments, except that the eligibility and the credit amount are based on the information you include on your 2021 tax return.

You will need to know the amount of any stimulus payments already made to you in order to claim the Recovery Rebate Credit.

Find more information on your first two stimulus payments.

Can I claim the Recovery Rebate Credit?

The requirements for the Recovery Rebate Credit (RRC) are the same as the Economic Impact Payments (EIP) except the credit will use your 2021 tax return information for eligibility and the amount of your credit.

If you didn't qualify for the stimulus payments you may be eligible for the Recovery Rebate Credit based on your 2021 tax situation.  

If you are eligible, your credit will be reduced by any stimulus payments already sent to you.

What if I received my full stimulus payments already? Can I still claim the Recovery Rebate Credit?

If you received the full amount for each stimulus payment, you won’t need to include any information about either when you file your 2021 tax return and you will not qualify for the Recovery Rebate Credit.

Common questions people have about Coronavirus, money, and the government

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What is the Recovery Rebate Credit?

The Recovery Rebate Credit is a credit that can be claimed on your 2020 taxes if you did not receive you full stimulus payments.

You will need to know the amount of any stimulus payments already made to you in order to claim the Recovery Rebate Credit.