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Meet the Recovery Rebate Deadline for 2020 Taxes in May

From 2020 to 2021, many taxpayers received stimulus checks as emergency relief during the COVID-19 pandemic. If you haven’t claimed these stimulus payments yet, there’s still time to do this through the Recovery Rebate Credit. 

The final deadline to claim your economic impact payments for 2020 is May 17, 2024. Not sure whether you’re eligible for the stimulus or how to file an amended tax return? Consult a tax attorney before the due date passes. A tax lawyer can ensure your documentation lines up while ensuring you claim the full amount you qualify for. 

What Is the Recovery Rebate Credit?

The Recovery Rebate Credit is a refundable tax credit for taxpayers who missed out on one or more stimulus payments for 2020-2021. The maximum stimulus amounts are up to $1,200 for a qualifying adult (based on household AGI) and up to $500 for eligible dependents under 17. 

There’s little time left to claim the Recovery Rebate Credit for 2020. A tax law attorney can help you navigate these details.

Who’s Eligible for the Credit?

The Recovery Rebate Credit for 2020 and 2021 may apply if you meet the following criteria:

  • You were a U.S. citizen or a resident alien during that tax year
  • Another taxpayer didn’t list you as their dependent
  • You have a valid Social Security number

If you’re a surviving spouse or an estate executor, you can also claim the Recovery Rebate Credit for 2020-2021 on behalf of a deceased person.

Could You Face Penalties for Filing Taxes Late?

Even if you didn’t file your tax return for 2021, the IRS may or may not penalize you if you claim available benefits now, though you must do so before the deadline passes. 

Any amounts you claim under the Recovery Rebate Credit won’t count as income if you apply for Supplemental Security Income (SSI) or other federal benefits programs. Neither should you worry about your immigrant status or your eligibility for a green card if you claim the credit. 

However, some issues could make your tax return look suspicious to the IRS. Check your documentation for miscalculations, income discrepancies, inconsistencies, or unusual deductions. The IRS will probably send you an error notice if your return contains a technical mistake. Bigger issues could trigger a full-blown audit, so it’s important to be 100% accurate. 

How a Tax Relief Lawyer Can Help With the Recovery Rebate Credit

You’ll want to check whether you qualify for the Recovery Rebate Credit and claim it before time runs out. However, you might be unsure how to check eligibility or calculate your available credit.

Consulting a tax attorney can make it quicker and easier to claim the Recovery Rebate Credit retroactively. A tax lawyer can also check whether you’ve missed out on any other credits while preparing your tax documents within the IRS guidelines. 

Contact a tax dispute lawyer if the IRS still decides to audit you. A tax litigation attorney can help you defend yourself against an IRS audit and negotiate a settlement if you owe back taxes. 

Questions About the Recovery Rebate Credit? Contact Levy & Associates 

If you haven’t claimed stimulus payments for 2020 and 2021 yet, time is running out fast. Are you unsure whether you qualify? Contact us at Levy & Associates for a quick consultation. Our professional team of IRS tax attorneys, CPAs, and tax consultants can help you claim all your available tax benefits and reduce the risk of an audit. Call 800-TAX-LEVY or complete our online form for fast, reliable advice from a tax attorney.

Contact Levy & Associates for Dependable Tax Audit Services

Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.

There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.