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It s line 30 and it reads recovery rebate credit.
Stimulus check 2020 tax return credit. Because the recovery rebate credit will be based on 2020 adjusted gross income it s worth checking to see if your payment eligibility changes from the past stimulus payments which were based on. Technically stimulus payments are an advance on a tax credit for the 2020 tax year. You may be able to claim the recovery rebate credit.
The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount. Recovery rebate credit on your 2020 tax return the irs said. And if you didn t qualify for a check based on your past tax return you could get stimulus money if you file a tax return for 2020 that shows you re eligible.
The irs began sending out some checks as of dec. 30 and money arrived in some bank accounts as of jan. The irs calls this credit the recovery rebate credit.
Unlike a tax deduction which reduces your taxable income and therefore your tax payment a tax credit reduces the amount of tax you owe dollar for dollar. You won t be required to pay back a stimulus payment if based on your 2020 tax returns you no longer qualify for the amount you received. If you re underpaid based on your 2020 income you may receive more tax credit when you file your 2020 taxes.
The credit will be applied to your 2020 tax bill and may result in a refund. The 2020 tax return has a specific line for you to claim the stimulus money. And claim the.
Both the first stimulus check and the second stimulus check are an advance on a temporary 2020 tax credit. The irs will use your 2020 income to determine your eligibility for a payment which is technically a tax credit. But because of the urgency of the situation the irs was directed to get us that money asap using information from our 2018 or 2019 returns.
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