If you were eligible for the Economic Impact Payment and did not receive the full amount, you can apply for the Recovery Rebate Credit as part of your 2020 return. You can not receive both the full Economic Impact Payment and the Recovery Rebate Credit.
Economic Impact Payments were based on your 2018 or 2019 tax year information. The Recovery Rebate Credit is similar except that the eligibility and the amount are based on 2020 information that you include on your 2020 tax return.
In order to claim the Recovery Rebate Credit, you will need to know the amount of any Economic Impact Payments issued to you. If you are eligible for the Recovery Rebate Credit on your 2020 tax return, it will be reduced by any Economic Impact Payments you previously received.
The amount you receive for the Recovery Rebate Credit will increase your refund or be applied to any tax owed for the 2020 taxation year.
The information provided is intended for general purposes only. Care has been taken to ensure the information is accurate. However, no representation is made as to the accuracy thereof. The information should not be relied upon to replace specific professional advice.