It is the Recovery Rebate Credit is the stimulus money that you earned. The stimulus funds were advances to your Recovery Rebate Credit. If you got the entire amount of both of the stimulus payment in the year 2020 (Economic Impact Payments) it is unlikely that you will receive an additional recovery Rebate Credit on your 2020 return in 2020 since you’ve already received your full sum of your credit through stimulus payments.
If you didn’t get the total amount from your initial or second round stimulus payments, Turbotax will be able to help you get an Recovery Rebate Credit when you submit your 2020 tax returns or the amended tax return for 2020 this year. Turbotax will ensure that you receive the amount you’re eligible for by checking the amount and amount of stimulus funds you received. If you are a freelancer, you need to download a W9 form for your tax purpose.
Who can be eligible for an Recovery Rebate Credit?
The eligibility criteria for the initial advance payment was based on the information the government had when it was distributing the funds. It could be in your 2019 tax return or from your tax return for 2018 in the event that you hadn’t submitted a tax return for 2019 at the time that the money was released. If you’re trying to claim all or part credits on your tax return The credit will be dependent on your tax return information.
To be eligible to claim any tax credits on your taxes have to:
- You must meet the requirements of being at least a U.S. citizen or U.S. resident alien as of 2020.
- Could not be considered a dependent of another taxpayer prior to 2020.
- You must be able to provide an Social Security number that is in use prior to the Tax return deadline