An overview of the Recovery Rebate Credit 2021
What is Recovery Rebate Credit 2021? An act called CARES (Coronavirus Aid, Relief, and Economic Security) was passed in March 2020, giving financial aid to people who made less than $75,000 or couples who made $150,000 or less. This act provided people with financial aid in the form of an economic impact payment or Recovery rebate credit. The Recovery Rebate Credit is a one-time benefit amount that most people in the US received last year as Economic Stimulus Payment. But the people who did not receive the benefit because of certain reasons will be able to claim the Recovery Rebate Credit 2021. Those who were eligible but did not claim the full amount in the first stimulus will automatically become eligible for the 2021 recovery rebate. The recovery rebate credit promises a fund of $1,200 to an individual or $2,400, to a married couple filing jointly, with $500 for each qualifying child, provided the people meet the eligibility criteria. But what are the eligibility criteria?