As the tax season 2024 approaches, the Internal Revenue Service (IRS) is actively reminding taxpayers across the country about the valuable opportunity to claim the COVID-era Recovery Rebate Credit for the tax years 2020 and 2021. This specific credit is designed as a refundable credit, targeting individuals who did not receive one or more of the Economic Impact Payments (EIPs) that were distributed in 2020 and 2021 as part of the government’s COVID-19 relief. For those who qualify and have not yet filed a tax return for those years, it’s important to act swiftly, as time is running out to claim the money that is rightfully yours.


When is the Deadline?

The Deadline for the 2020 Recovery Rebate Credit is Tax Season 2024. To claim the 2020 Recovery Rebate Credit, file a tax return by May 17, 2024. For the 2021 Recovery Rebate Credit, file a tax return by April 15, 2025. Filing by these deadlines is essential, as it ensures that you receive the financial assistance you qualify for, helping to alleviate any financial burdens you may be facing.


How Much Taxpayer Can Claim?

The credit’s amount varies based on individual circumstances but could reach up to $1,200 for the first EIP and up to $1,400 for the third EIP, with additional amounts available for qualifying dependents. This credit aims to provide much-needed financial assistance to those who missed out on the direct payments distributed in 2020 and 2021. It serves as a crucial resource for individuals and families facing financial hardships, offering relief during these challenging times.


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Who is Eligible?

To qualify for the Recovery Rebate Credit, certain criteria need to be met. You must be either a U.S. citizen or a resident alien, and you cannot be claimed as a dependent by another taxpayer. Additionally, you must have a Social Security number issued before the due date of the tax return. It’s important to note that the 2020 Recovery Rebate Credit can also be claimed for someone who passed away in 2020 or later. These eligibility requirements ensure that the credit is provided to those who truly need it, offering financial support to individuals and families facing economic challenges due to the pandemic.


How to Claim?

To claim the Recovery Rebate Credit, it is necessary to file a tax return for the respective year, regardless of whether your income was minimal or non-existent. This filing requirement ensures that you can receive the credit you are entitled to, even if you did not receive any income during the year. For the 2020 tax year, the deadline to file your tax return and claim the credit is May 17, 2024. Similarly, for the 2021 tax year, the deadline is April 15, 2025. It is important to meet these deadlines to ensure that you receive any refund owed to you through the Recovery Rebate Credit.


What Assistance Does the IRS Provide?

The IRS provides valuable assistance to taxpayers through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, offering free tax preparation services. These programs are specifically designed to aid eligible taxpayers in filing their tax returns accurately and claiming any credits or refunds they may be entitled to receive. The VITA Locator Tool and the hotline at 800-906-9887 can be utilized to easily locate the nearest VITA site, ensuring that individuals have access to the assistance they need. This support is invaluable, especially for those with limited income or resources, helping them navigate the tax filing process effectively.


IRS Audit Group

IRS Audit Group consists of tax professionals, CPAs, enrolled agents, and tax attorneys.  We are located in Los Angeles; California and our primary area of expertise is IRS Tax Audit Representation.  However, our certified professionals cooperate and work with all IRS offices across the country.  Please contact us for more information.

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