Recovery Rebate Credit: Who qualifies for this payment in 2022?

3 months ago 66

The first, second and third Economic Impact Payments have been sent out by the IRS in the United States, but you might be wondering what happens if you missed out on one of these stimulus check payments.

Well, don't worry - there is a fairly simple process to follow in order to receive the money that you are owed.

Who qualifies for Recovery Rebate Credit?

You could qualify for Recovery Rebate Credit if you did not receive an Economic Impact Payment or received less than you were expecting.

If you find that this applies to you, you can make a claim to receive a Recovery Rebate Credit on your 2020 or 2021 federal tax return.

The first two rounds of Economic Impact Payments were sent out in 2020 and early 2021, while the third arrived from March 2021 and kept going through December 2021.

The first two rounds of Economic Impact Payments saw advance payments of the 2020 Recovery Rebate Credit, which you were able to claim on your 2020 tax return.

Then, the third round of Economic Impact Payments, which includes the plus-up payments, saw advance payments of the 2021 Recovery Rebate Credit, and you are able to claim this on your 2021 tax return.

The majority of eligible will have already had these payments arrive, but if you are missing any money from stimulus checks, you should double check to see if you were eligible and then potentially make a claim for a Recovery Rebate Credit for either the tax year in 2020 or 2021, depending on which round you think you qualify for.

In circumstances like this, it is worth having a look at your IRS online account to have a look at your history when it comes to stimulus checks. There, you can see the amounts that were sent as part of the Economic Impact Payments.

Alternatively, you should have been sent a series of letters from the IRS - Notice 1444, Notice 1444-B, Notice 1444-C and Letter 6475 - with regard to the three Economic Impact Payments you received, as well as a latter confirming the amount you received in the 2021 tax year, which should have arrived in early 2022.

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