Last chance...Recovery Rebate Credit

The number 1 most popular tax question in 2020 (and still going) is: Where's my check? Congress provided economic relief (a/k/a money) via the CARES Act and the COVID-related Tax Relief Act to businesses and individuals using varying methods. Individuals and businesses received Economic Income Payments, expanded unemployment income Economic Income Disaster Loans and grants, Paycheck Protection Act loans with and without forgiveness options. payroll tax and other credits. These funds come with extensive provisions, applications, and rules. For many eligible 1040 filers, the much anticipated first round of Economic Income Payments came automatically. Others were sent to the wrong bank, paper checks were delayed so Don could sign them, and many had questions about eligibility. The good news is, if you were eligible for an Economic Income Payment based on 2019 income but did not receive one, you can claim a Recovery Rebate Credit on your 2020 tax return and receive the funds as a tax refund. If your income dropped in 2020 so you became eligible, you may also request the Credit and receive the funds as a refund or as a reduction of your 2020 tax. The IRS announced the 2020 tax season will open on February 12, 2021. Efile your tax return and request your refund via direct deposit to expedite receipt of your funds. If your adjusted gross income is less than $72,000 you may qualify for the IRS' FreeFile efile program. Do yourself (and your tax preparer) a favor and file early!