Did not get Third Stimulus Payment? You can claim it as a Recovery Rebate Credit on 2021 Tax Return

Here is what you need to know about Tax Year 2021 Recovery Rebate Credit:

The RRC is a fully refundable credit, that was paid in advance to most taxpayers as an Economic Impact Payment (EIP), beginning in April 2021. If you did not receive the EIP, you may be able to claim RRC on your Tax Year 2021 Form 1040 for each eligible taxpayer and qualifying dependent. A qualifying dependent is a qualifying child or qualifying relative.

The maximum amount of RRC per eligible taxpayer is $1,400. The maximum amount of RRC per qualifying dependent is $1,400. RRC begins to decrease in value if your adjusted gross income (AGI) exceeds specific threshold depending on filing status.

CONTACT US TODAY if you have any questions or need help with the preparation of your tax returns.

Sincerely,

Maryna Varabyova, CPA

(877) 677-3737

info@vmtaxcpa.com