Filing Taxes During COVID-19
Filing taxes may look different for many people this year due to the impacts of COVID-19 and the two rounds of Economic Impact Payments.
Unfortunately, the IRS is no longer releasing these checks individually and there is no federal intervention possible.
If you have not received your first and/or second Economic Impact Payment and you were eligible, the best way to recover these payments is to file for it on your 2020 taxes. You can utilize the 1040’s Recovery Rebate Credit. Instructions for the 1040 form can be found here.
Economic Impact Payments are an advance payment of the Recovery Rebate Credit. Important updates include the Recovery Rebate Credit worksheet on page 59 of the 1040/1040-SR instructions. Anyone who didn’t receive the full amount of both Economic Impact Payments should include the amounts they received, before any offsets, when they file. More information on the Recovery Rebate Credit can be found here.
The IRS urges taxpayers who didn’t receive an advance payment to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible for a credit. Eligible individuals who didn’t receive the full amount of both Economic Impact Payments should claim the missing amount as a credit. You can check if you are eligible here.
If you need help filing your taxes, go to IRS Free File. IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.