Recovery rebate credit

Economic Impact Payment and income information are needed to determine eligibility.

You will need to know the amounts of economic impact payments received in 2020 and 2021 when you file your 2020 tax return to determine if any additional recovery rebate credit is available. The recovery rebate credit is calculated based on the same conditions as the economic impact payments. Since the economic impact payments were based on either 2018 or 2019, you may be entitled to a recovery rebate credit if your 2020 income was lower than either 2018 or 2019. 

IRS introduced a new way for you to access your IRS tax account information online that will provide the economic impact payments received previously. The tax account information will also include any amounts owed, payment history, installment agreement information, tax records and key tax return information for the most recent tax returns as originally filed. 

You can visit IRS.gov/secureaccess to register for an online services account. 

For more information, please contact us at 401-831-0200.

Leave a Reply

Your email address will not be published. Required fields are marked *