Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, eligible taxpayers can claim the Recovery Rebate Credit on their Form 1040 or Form 1040-SR for 2020. Taxpayers may be eligible if they fall into one of the following categories:
• They were eligible for an Economic Impact Payment in 2020 but did not receive one
• They did not receive the full amount for their Economic Impact Payment ($1,200 for single filers
and $2,400 for those married filing jointly)
• They did not receive $500 per qualifying child
Taxpayers who received the correct amount for their Economic Impact Payment do not need to fill out any information about the Recovery Rebate Credit on their Form 1040. The money they received is not taxable.
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