The Recovery Rebate Credit may be available to those who did not receive the proper EIP.
The IRS used 2018 or 2019 tax information to determine the EIP received during the 2020 calendar year.
If you filed your 2019 tax return AFTER the EIP was issued and sent to you, your 2018 tax return was used to calculate your payment.
Since EIPs are technically advance tax credits for your 2020 tax return, any amount that you should have received can be claimed when you file your taxes this coming year. The additional credit will be calculated in the same manner as the EIP received, except that the taxpayer's 2020 tax information will be used to figure the proper amount of credit.
When compiling your tax documentation for 2020, be sure to include the IRS Notice 1444 that accompanied your EIP to your team of accounting professionals.
Questions? Please reach out.
