I represent taxpayers in Tampa, St. Petersburg, Sarasota and throughout the state of Florida who have federal and state tax issues. John S. Wood, C.P.A., P.A. is a full-service tax resolution company with extensive experience in helping clients solve their tax problems.
The Internal Revenue Service is reminding those who may be entitled to the Recovery Rebate Credit to file a tax return and claim their money before it's too late.
The vast majority of those eligible for Economic Impact Payments related to Coronavirus tax relief have already received them or claimed them through the Recovery Rebate Credit. The deadlines to file a tax return and claim the 2020 and 2021 credits are May 17, 2024 and April 15, 2025, respectively.
The Recovery Rebate Credit is a refundable credit for those who missed out on one or more Economic Impact Payments. Economic Impact Payments, also referred to as stimulus payments, were issued in 2020 and 2021. The IRS estimates that some individuals and families are still eligible for the payment(s). However, taxpayers must first file a tax return to make their claim even if they had little or no income from a job, business, or other source.
Who is eligible?
Generally, to claim the 2020 Recovery Rebate Credit, a person must:
- Have been a U.S. citizen or U.S. resident alien in 2020.
- Not have been a dependent of another taxpayer for 2020.
- Have a Social Security number issued before the due date of the tax return that is valid for employment in the United States.
Generally, to claim the 2020 Recovery Rebate Credit, a person must:
- Have been a U.S. citizen or U.S. resident alien in 2021.
- Not have been a dependent of another taxpayer for 2021.
- Have a Social Security number issued before the due date of the tax return, claim a dependent who has a Social Security number issued by the due date of the tax return, or claim a dependent with an Adoption Taxpayer Identification Number.
The 2020 RRC can be claimed for someone who died in 2020. The 2020 RRC and 2021 RRC can be claimed for someone who died in 2021 or later.
Filing deadlines if you haven't yet filed a tax return
To claim the:
- 2020 Recovery Rebate Credit, file a tax return by May 17, 2024
- 2021 Recovery Rebate Credit, file a tax return by April 15, 2025
If you, or someone you know, has a federal or state tax issue and you are not sure what to do, call me at 813-514-2920 or contact me by email at jwood@jwoodcpa.com
15310 Amberly Drive, Suite 250
Tampa, FL 33647
Phone: 813-514-2920
www.jwoodcpa.com
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