Individuals who are eligible to claim the 2020 Recovery Rebate Credit (RRC) because they didn’t get an Economic Impact Payment (EIP) and haven’t yet filed their 2020 tax return should file it before the May 17 deadline or they’ll lose their refund. (IR 2024-60)
The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more EIPs, also known as stimulus payments, that were distributed in 2020 and 2021. Eligible taxpayers must file a tax return first to claim an RRC even if their income from a job, business or other source was minimal or nonexistent.
The IRS also recommends anyone who hasn’t filed a tax return for 2020 to check their records as they may have a tax refund that will expire on May 17.
Who is eligible for an RRC?
Generally, to be eligible for a 2020 Recovery Rebate Credit, an individual must be a US citizen or US resident alien during 2020, who is not a dependent of another taxpayer and has a Social Security Number that was issued before the 2020 return was due.
The 2020 RRC can be claimed for an eligible individual who passed away in 2020 or later but only until May 17, 2024.
Note. If a qualified individual can’t remember if they filed a return or received an EIP, they can open an IRS Online Account or order a 2020 account transcript using the IRS’ Get Transcript Tool to check the IRS’ records.
For more information about the 2020 Economic Impact Payments and Recovery Rebate Credit, see Checkpoint’s Federal Tax Coordinator ¶ A-4460.
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