When will I get stimulus check? How to redeem payment using IRS Recovery Rebate Tax Credit
If you didn't receive the first or second Economic Impact Payment, also known as a stimulus payment, an important area to note on your 1040 tax form is the "recovery rebate credit" section.
While stimulus payments are not considered taxable income, the IRS wants to know how much you received.
For those people who did not receive the full amount for the first or second payments, the IRS said it'll give you a credit, which will be applied to your taxes.
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In this tutorial video, ABC 7 Chicago's Samantha Chatman shows those who qualify how to fill out the form.
"If you're eligible for the credit, and either we didn't issue you any Economic Impact Payments or we issued less than the full amounts, you must file a 2020 tax return to claim the Recovery Rebate Credit," the IRS said.
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It's important to note that even people who don't traditionally file taxes will need to file this year in order to recoup the stimulus payment credit from the IRS.
To learn more about the recovery rebate credit, visit irs.gov/newsroom/recovery-rebate-credit.
