Finance

What to know about tax credits

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Recovery rebate credit

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The recent round of relief included stimulus checks of up to $1,400 per person.

But it also allows people to claim earlier rounds of Economic Impact Payments they may have missed.

The first two tranches — up to $1,200 and $600, respectively — were technically advance payments of the 2020 Recovery Rebate Credit.

Taxpayers who got the full check amount aren’t eligible for additional money. But some may qualify for more aid if they didn’t receive a first or second round of payments, or got less than the full amounts.

That may have happened if the IRS didn’t have a recent tax return, for example….



Source cnbc.com

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