Stimulus Check Credit On 2020 Tax Return

Technically stimulus payments are an advance on a tax credit for the 2020 tax year. 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. It s line 30 and it reads recovery rebate credit.

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The 2020 tax return has a specific line for you to claim the stimulus money.

Stimulus check credit on 2020 tax return. The irs calls this credit the recovery rebate credit. If you didn t get a first round stimulus check and should have or got too little you can claim it on your 2020 taxes. Second round stimulus checks are being sent through mid january.

You may be able to claim the recovery rebate credit. 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.

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