First and Second Stimulus Check Amount
The first stimulus checks were sent in early 2020. Those who haven’t gotten their stimulus payments will receive it with the recovery rebate credit. The stimulus checks were actually an advanced payment of this credit taxpayers got in early 2020.
The first stimulus payment wasn’t as low as this though. The IRS handed out $1,200 to every taxpayer who qualified for the full payment. If your AGI is below $75,000 you qualify for the full payment and it phases out completely at $99,000.
However, if your adjusted gross income is between $75,000 and $99,000, you get a partial check. Keep in mind that these AGI thresholds are for single filers. If you’re a joint filer, simply double the threshold as well as the stimulus payment.
Total Stimulus to Claim on Tax Return
If you haven’t received both stimulus payments, you qualify for up to $1,800 in recovery rebate credit or $3,600 if filing a joint return. For the different AGI levels, here is how much you could qualify if your AGI is between $75,000 and $99.000 or $150,000 to $198,000 for joint filers).
Single Filers
| Adjusted Gross Income | Recovery Rebate Credit |
|---|---|
| $75,000 | $1,800 |
| $80,000 | $1,425 |
| $85,000 | $1,050 |
| $90,000 | $675 |
| $95,000 | $300 |
| $99,000 and more | $0 |
| Adjusted Gross Income | Recovery Rebate Credit |
|---|---|
| $150,000 | $3,600 |
| $160,000 | $2,850 |
| $170,000 | $2,100 |
| $180,000 | $1,350 |
| $190,000 | $600 |
| $198,000 and more | $0 |
What is recovery rebate credit exactly?
The recovery rebate credit was actually first introduced with the CARES Act. The stimulus payments given to eligible taxpayer s were an advanced payment of this tax credit. So if you received your stimulus payment in early 2020, it was this credit you received.
Taxpayers who didn’t have their payment information with the IRS haven’t got their checks because the IRS couldn’t send the payments. It was as simple as that. So now what you need to do to get your payment is to claim the recovery rebate credit 2021 on your tax return. This is how you’re going to get your payment – as a tax refund.
