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Taxpayers who have not received the stimulus payments should claim the credit for the 2020 or 2021 IRS stimulus paymentsTaxpayers must submit a 2020 tax return in order to get stimulus 1 and 2. The only way to guarantee that taxpayers get the most out of the third Economic Impact Payment, or EIP, is to file a complete 2021 return. Taxpayers should submit back taxes and claim the RRC for 2020 and/or 2021 if they did not get any or all stimulus funds. Taxpayers who file returns for 2022 or later years are not eligible to claim any stimulus benefits.
As a result of the COVID-19 pandemic, the following taxpayer and employer/employee credits have been established. The 2020 or 2021 tax returns of taxpayers who qualify for these credits should include a claim for them.The first and/or second Economic Impact Payments (EIP) were dependent on their tax return filing status and adjusted gross income (AGI). The third stimulus payment was based on taxpayers’ most recently available tax return and included $500 for each qualifying child for the first EIP, $600 for the second, and $1,400 for the third. There was no fourth federal stimulus check (LW, 2023).
The IRS verified that refunds will be modified for taxpayers who input inaccurate amounts for the Recovery Rebate Credit. The missed stimulus payment for either stimulus 1 or 2 must be claimed in 2020 Taxes on Line 30 of the Form 1040.