If you missed out on the first two economic impact payments there is still a chance to receive those funds. This can be done through the Recovery Rebate Credit. If your income in 2020 was less than the return, your economic impact payments were based on you can claim a credit on your return to get the funds.
We have seen taxpayers receive partial or even full credit for these payments that they missed out on during the year.
To get this credit you need to make sure your tax preparer knows how much you received for each payment. This will help your tax preparer to calculate the worksheet that would need to be included with your tax return.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.
