How much stimulus did you get?
The Recovery Rebate Credit adds another layer of complexity.
The IRS will not calculate the Recovery Rebate Credit for people. You're going to need to figure out Line 30 when you file a tax return.
But the IRS states: "If you make a mistake on the Line 30 amount, the IRS will calculate the correct amount of the Recovery Rebate Credit, make the correction to your tax return and continue processing your return."
Many people continue to wonder what to do if they didn't get that second stimulus check earlier in the year. Many people don't remember how much money they got.
Some people think they didn't get stimulus money and then they're shocked when they look back at their bank statements. Some saw that a direct deposit for the second Economic Impact Payment was put into their account earlier this year.
The best starting point is to figure out how much stimulus money you've already received for the first Economic Impact Payment, which began rolling out in April 2020, and the second Economic Impact Payment, which was approved last December but began rolling out in January 2021.
Look for letters that the IRS already sent to you, such as IRS Notice 1444 for the first Economic Impact Payment and IRS Notice 1444-B for the second EIP to document how much stimulus money you were sent.
If you threw those letters out or did not receive them, some taxpayers may be able to research any direct deposit money received by reviewing their bank statements for Economic Impact Payments.
Some people received an IRS Notice 1444-A last fall. That notice indicated that you could need to take action to receive money. It was mailed to people who typically aren't required to file federal income tax returns but may qualify for the first Economic Impact Payment.