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2020 Recovery Rebate Credit

Didn’t Get Your Full Stimulus Money in 2020? Tax Time is The Time to Get It!

The tax deadline is around the corner! Typically, the deadline for filing taxes is April 15, but the Treasury Department and the IRS automatically extended the federal filing deadline to May 17, 2021. Nebraska also extended its deadline to May 17, 2021. Check locally to see if your state tax deadline was extended.

If you did not get your stimulus money or did not get the full amount, this can be resolved when filing your taxes. This is done through the 2020 Recovery Rebate Credit.  Note that you must file a 2020 tax return to claim the 2020 Recovery Rebate Credit, even if you are not required to file.

To claim the credit, you will need to know the amounts you received for each stimulus. You should have received letters in the mail telling you the amount you received. You can also access this information through an IRS online account. Another option is referencing your bank accounts for the amounts, although this might be more cumbersome because not everyone received stimulus money on the same date.

The 2020 Recovery Rebate Credit is a line item on your tax return and adds to your total refund. The credit is separate from a normal tax refund, but you will receive the credit with your refund.

Tax professionals and tax filing websites are aware of the 2020 Recovery Rebate Credit, but it is always smart to ask questions and make sure you do not miss money the federal government owes you!


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