Recovery Rebate Credit (Covid Stimulus Payments)

The IRS today released a new field line (line 30) on the 1040 form to allow eligible taxpayers to claim the Recovery Rebate Credit. To claim the Recovery Rebate Credit, the taxpayer must not have received the full amount of the recovery rebate as an advance payment. In other words, if you did not receive the full amount of the stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can claim the Recovery Rebate Credit when you file your taxes this year.

If you did not receive the full amount authorized by either round 1 or round 2 or you did not receive the stimulus payment at all, you can claim the Recovery Rebate Credit to offset your actual tax liability or increase your refund.

Contact Singh Tax Services for a free eligibility determination to find out if you qualify for the Recovery Rebate Credit.

At Singh Tax Services, all tax returns are prepared by going through multiple scenarios to reduce tax liability and ensure maximum tax refunds; all returns are reviewed by an attorney before they are filed. To make an appointment or for questions and inquiries, please contact Singh Tax Services at (661) 599-8884 or email us at singhtaxcenter@gmail.com.

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