To get that money in full, your 2020 income must be less than $75,000 a year if you’re single, or $150,000 if married filing jointly. Heads of household earning less than $112,500 will also qualify for a full payout. Eligible tax filers with children under 17 years of age will receive even more.
To secure payment, you must claim the refundable Recovery Rebate Credit. The credit will be awarded in the same amount as the stimulus payment for which you are eligible. Refundable credits reduce your tax liability dollar-for-dollar. If a credit exceeds your tax liability, the rest will be sent to you as a refund.
“Given the pandemic, this is one of the nation’s most important filing seasons ever. [The February 12] start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible,” said IRS Commissioner Chuck Rettig.
To avoid late filing penalties, the deadline for filing your tax return remains April 15 — unless you file for an automatic six-month extension.
This content was originally published here.