Taking Action

Virginians can receive Recovery Rebate Credit if qualified, didn’t receive first two stimulus payments

Taking Action

NORTH CHESTERFIELD, Va. (WRIC)— With the third round of stimulus payments for Americans still uncertain, some Virginians are wondering when they’ll ever see the first two stimulus checks in their bank accounts.

Friday marks the first day of tax season, the busiest time of the year for tax accountants.

Jennifer Escobar, owner and CEO of Kairos Financial and Tax, said she has 2,000 clients every year. This year about 5% of them have questions about not receiving either one of both of the stimulus payments.

Escobar said if you qualified for the $600 and $1,200 stimulus checks you can claim the Recovery Rebate Credit when you file your 2020 taxes this season.

The rebate will be added on to your tax refund when the IRS deposits it into your bank account or sends you a check.

Many people had questions on if they should file even if they were unemployed or retired last year.
Escobar said even if you have no earned income in 2020 to still file your 2020 tax return because you will still be eligible for the Recovery Rebate Credit.

“When they go to a tax preparer or if they do it themselves online they just have to make sure they claim the recovery rebate credit if their income falls within those guidelines the IRS stated.”
You may not have received a stimulus check if you earned a higher income than what the IRS set for the single or married couple threshold—$75,000 for single people and $150,000 for married couples— or you did not file your 2018-2019 tax returns.

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