Eligible individuals can claim the Recovery Rebate Credit on their Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.
The third round of Economic Impact Payments was issued starting in March 2021 and continued through December 2021. The third round of Economic Impact Payments, including the plus-up payments, were advance payments of the 2021 Recovery Rebate Credit claimed on a 2021 tax return.
Most eligible people already received the payments. However, people who are missing stimulus payments should review the information below to determine their eligibility and whether they need to claim a Recovery Rebate Credit for tax year 2020 or 2021.
IMPORTANT:
The Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017, overhauling the Internal Revenue Code and providing broad tax relief to workers, families and businesses of all sizes. It lowers tax rates for individual and business taxpayers, and eliminates or reduces various tax deductions and credits. Most of the provisions contained in the Tax Reform Act apply to tax year 2018 and future years up to Dec. 31, 2025.
Child and Dependent Care Credit
The American Rescue Plan Act expands the child tax credit for tax year 2024.
The maximum credit amount has increased to $3,000 per qualifying child between ages 6 and 17 and $3,600 per qualifying child under age 6.
If you're eligible, you could receive part of the credit in 2021 through advance payments of up to:
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