If you qualified for the Economic Impact Payments, make sure you’ve received them.
If you didn’t get a first and second Economic Impact Payment, or got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you don’t usually file one.
The third Economic Impact Payment is reconciled on your 2021 tax return. So, if you haven’t received this one yet, don’t panic. You can claim this on a 2021 tax return. Typically, the IRS doesn’t start accepting returns until the end of January in 2022, so, if you need assistance with this, please reach out to our office.
To track the status of your third Economic Payment, click here.
The Advanced Child Tax Credit is an early payment from the IRS that pays back half of the estimated amount of the Child Tax Credit that you can claim on your tax return, according to the IRS. If you’re eligible to receive one, based on past tax returns, then you will typically receive them automatically.
If you haven’t received your Advanced Child Tax Credit, it means you may not have filed your 2020 tax return. Make sure you do this before trying other options. If it was not required to file, you will need to file a Non-Filer Return on the IRS website. You can also log into the portal to review your payments.
Our professional staff is available to answer your questions – call us at 814-333-2488 or email at info@meadvilletaxservice.com
