IRS Economic Impact Payments and the Recovery Rebate Credit - YouTube video text script

 

The 2020 recovery rebate credit was paid in advance to most people in the first two rounds of economic impact payments.

If you're like most people who were eligible, you've already received the full amount. If you received the full amount for the first two economic impact payments, do not include any information about your payments when you file your 2020 taxes.

If you're eligible and didn't receive economic impact payments, or you didn't get the full amount you're eligible for…you may be able to claim the recovery rebate credit. You may also be eligible to claim other tax benefits such as the Earned Income Tax Credit and the Child Tax Credit.

To claim the recovery rebate credit, you must file a 2020 tax return – even if you aren't normally required to file. The most accurate and fastest way is to file electronically. You can choose to have your refund directly deposited into your bank account.

Use IRS Free File, commercial software, free tax help from IRS volunteer programs, or an authorized e-file Provider. Go to IRS.gov/efile for e-file options. The tax software will help you figure your credit and will be included in your refund. The Recovery Rebate Credit worksheet in the Form 1040 and Form 1040-SR instructions can also help determine if you are eligible and file on paper.

If you're expecting a refund, don't forget to choose direct deposit. Be sure to have your routing and account number for your bank account, prepaid debit card or mobile payment app available…so you can receive your refund quickly and safely.

One important thing to remember: The third payment is not claimed on your 2020 tax return or used to calculate the 2020 Recovery Rebate Credit. That payment will be sent separately to you once your return is processed. For more information on those payments and other tax credits, visit IRS.gov

For more details about the 2020 recovery rebate credit, check out IRS.gov/rrc.