On Monday, the Internal Revenue Service (IRS) encouraged those who may be eligible for the COVID-19 Pandemic 2020 Recovery Rebate Credit must file a tax return and claim their Recovery Rebate Credit money.
For those who haven’t yet filed a tax return for 2020 and could get a Recovery Rebate Credit, the legal deadline is May 17, 2024
According to the IRS Website, the Recovery Rebate Credit is a refundable credit for qualified individuals who did not take Economic Impact Payments, also known as stimulus payments 2020 and 2021. Qualified taxpayers must file a tax return first to claim a Recovery Rebate Credit.
For eligible individuals wanting to receive the Recovery Rebate Credit 2021, the deadline will be April 15, 2025. The agency encourages those who haven’t filed a tax return for 2020 to check their records; they may be overseeing a potential tax refund that will no longer be available after May 17 including the Recovery Rebate Credit.
Starting this month, the IRS plans to deliver detailed state-by-state information for taxpayers who may have overlooked filing and getting a refund for 2020 such as Recovery Rebate Credit. These taxpayers will also face a May 17 deadline to file.
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Who’s eligible for Recovery Rebate Credit?
The first eligibility for the Recovery Rebate Credit 2020 and 2021 is being a U.S. citizen or U.S. resident alien in those respective years, not dependent on another taxpayer, and getting a Social Security number issued before the tax return’s due date.