9/27/2023 0 Comments Turbotax advance statusIf that is the case, you do not need to complete any information on your 2020 taxes. What does the Recovery Rebate Have to do With My Stimulus Payment?ĭepending on your filing status, your adjusted gross income in 2018 or 2019, and the number of dependents you have, you may have received the full amount of the first stimulus payment in 2020 ($1,200 single, $2,400 married filing jointly) plus $500 for each qualifying child and the full amount of the second stimulus payment ($600 single, $1,200 married filing jointly) plus $600 for each qualifying child. ![]() When the IRS processes your 2020 tax return, if you are claiming the Recovery Rebate Credit, the IRS determines your eligibility and amount based on your 2020 tax return information. Generally, the credit can increase your refund amount or lower the taxes you may owe. If you did not receive a first or second stimulus check or received less than the full amount you may be eligible for the 2020 Recovery Rebate Credit (RRC). ![]() For payments made in 2021, you can claim the Recovery Rebate Credit on your 2021 tax return. So, if you were eligible for an Economic Impact P ayment (EIP), commonly referred to as a stimulus payment, but did not receive one or you received less than the full amount as an advanced payment in 2020 then you can claim the Recovery Rebate Credit on your 2020 tax return. The Recovery Rebate Credit is a credit that was authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We have you covered and are here to share some information regarding Recovery Rebate Credits so you can feel more informed and possibly save money on your 2020 or 2021 taxes. Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards & approval.With all the information covering the stimulus checks and payments you may have heard the phrase Recovery Rebate Credit thrown around and are wondering, “what is the Recovery Rebate Credit?” or “Do I qualify for the Recovery Rebate Credit?”ĭon’t worry about knowing answers to these questions. Pre-qualify is ATC application and applicant must undergo additional criteria from provider MetaBank®. You must first qualify to apply and if pre-qualified you have a higher chance of actual loan/advance approval. Limited time offer at participating locations.Ģ Pre-Qualify application does not guarantee a loan approval. 0 fees - 0% interest! Ask ATC Tax Pro for details. There is no cost to the taxpayer to receive an advance. The Bonu$ is not a "personal loan" and approval is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. The amount of the advance - $200 to $500 - will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. 1 $500 Bonu$ – also referred to as Free Tax Loan – is an optional tax refund related loan, not your tax refund, and is via ATC Advance for qualified individuals (Not EML).
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