During the COVID era, the government issued stimulus payments to eligible taxpayers. If these stimulus payments were not received, they could be claimed as a Recovery Rebate Credit on the 2020 and 2021 1040 tax returns. The credit from 2020 is still available to claim until May 17, 2024. Taxpayers owed a refund have three years from the filing deadline to claim their refund. The 2020 filing deadline was May 17, 2021, therefore, time is running out to claim a refund from 2020.
For individuals wanting to claim the Recovery Rebate Credit from 2021, the deadline is April 15, 2025.
According to the IRS news release; “Eligibility for the 2020 and 2021 Recovery Rebate Credit generally requires being a U.S. citizen or U.S. resident alien in the respective year, not being a dependent of another taxpayer and having a Social Security number issued before the tax return’s due date. Additionally, the 2020 Recovery Rebate Credit can be claimed for someone who passed away in 2020 or later.”
If you are eligible for the Recovery Rebate Credits and you did not receive them, don’t miss out on this free money!
Disclaimer: The information provided above is not meant to be legal or tax advise. You should consult your CPA and attorney to determine the best course of action for your situation.
Mitzi E. Sullivan, CPA is a cloud based professional services provider
specializing in cloud accounting.
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