Recovery Rebate Tax Credit Deadline
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Attention eligible taxpayers! If you were a non-filer in 2020, the IRS highly recommends you claim the Recovery Rebate Tax Credit before the deadline on May 17th, 2024.
The Recovery Rebate Tax Credit is a “refundable credit for those who did not receive one or more… stimulus payments, distributed in 2020”. Eligible taxpayers need to have been “a U.S. citizen or U.S. resident alien” in 2020, and must not have been a dependent of another taxpayer, and should have a valid Social Security Number from that tax year. In order to claim the tax credit, those who qualify first need to file their 2020 tax return. Also available is the 2021 Recovery Rebate Credit with April 15th, 2025 being its respective deadline.
By law, taxpayers have “three years after the filing due date” to claim any “credit or federal income tax return”. So, it is recommended by the IRS that those who have yet to file their 2020 tax return to be thorough in reviewing their records in case there are any outstanding refunds. Past the May 17th due date, these refunds may no longer be available.
Acting swiftly to claim your eligible tax credit is imperative, as that is money you are entitled to have. For assistance and guidance on how to do so, please feel free to reach out to our tax experts at XQ CPA. Give us a call or book an appointment online at the link below. We would love to help you.
Phone: 832-295-3353
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