Stimulus Rebate Credit Calculator

Generally this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.

Stimulus rebate credit calculator. How to claim stimulus money on your 2020 tax return. 21 2020 and president trump signed the bill into law on dec. This calculator tells you exactly how much your second stimulus check could be worth published mon dec 21 2020 4 13 pm est updated tue dec 22 2020 6 26 pm est megan leonhardt megan leonhardt.

This is a calculator to estimate the stimulus rebate check that you may receive from the federal government. Based on that amount the efile tax app will calculate whether you might be eligible for the recovery rebate credit based via your 2020 tax return. The recovery rebate credit is authorized by the coronavirus aid relief and economic security cares act and the covid related tax relief act.

If you don t receive a second stimulus check by then you can claim it as a recovery rebate credit on your 2020 federal income tax return. You can file for any full or partial stimulus check payment you re owed but the irs lumps into tax season 2020. 600 second stimulus check calculator we ve created this calculator to help you estimate the amount you and your family may receive.

Keep in mind the stimulus or economic impact payment is not taxable income on your 2020 tax return and you are not required to pay back any of the eip received during 2020. It uses the method outlined in the coronavirus aid relief and economic security act or cares act bill. Use our calculator to estimate your payment if congress passes the cash act for 2 000 stimulus checks.

Millions of americans have received their 600 stimulus checks but hopes remain high for a. It is a tax credit against your 2020 income tax. Congress passed another coronavirus pandemic stimulus relief bill on dec.