Tax Time! (For Real!)


Back in March, the IRS extended the tax season deadline from Thursday, April 15 to Monday, May 17 this year. The postponement occurred due to the backlog of millions of unprocessed tax returns.

Well, time is almost up!

If you didn’t get an economic impact payment for your spouse or dependent you may still be able to get it. You may also be eligible for the Child Tax Credit or other refundable tax credits. The Social Security Website has all the info

Situation #1:You filed a 2019 tax return, or you used the IRS’ Non-Filer Tool to get the first EIP, and you had a new eligible child in 2020. Action: File a 2020 tax return with the IRS and claim the Recovery Rebate Credit (RRC).

If you filed a 2019 tax return, or you used the IRS’ Non-Filer Tool last year to receive a previous EIP, the IRS sent you an EIP for you and for each eligible child under age 17 you listed. If you had a child in 2020 — such as by birth or adoption —you must file a 2020 tax return with the IRSand claim the RRC to receive the full payment you’re eligible for, even if you have no income to report for 2020.

Situation #2:You did not file taxes in 2019 and you did not use the IRS’ Non-Filer Tool to get the first EIP. Your spouse or dependents have not gotten all the EIP money they are eligible for. Action: File a 2020 tax return and claim the Recovery Rebate Credit (RRC)to receive the full amount your family is eligible for and to potentially qualify for the Child Tax Credit. If you do not have family members eligible for an EIP, and you’ve received your full amount, no action is required.

If you did not file a 2020 or 2019 tax return,and you did not use the IRS’ Non-Filer Tool to receive a previous EIP, the IRS will send (or sent) the third round of EIPs to each eligible person who receives Social Security or SSI benefits based on Social Security’s records. If you have family members eligible for an EIP, you must file a 2020 tax return to claim an RRC.

Here are a few more tax tip to find more money from Pennlive!


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