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More about the 2020 Recovery Rebate Credit

Posted at 7:23 AM, May 14, 2021
and last updated 2021-05-14 10:28:58-04

The pandemic has affected all aspects of our lives, including the way we file taxes.

Many Americans received support via stimulus checks but the good news stimulus payments are not taxable.

If you haven't received a stimulus payment that you qualify for due to changing your bank accounts or moving to a new address, there is a Recovery Rebate Credit you're entitled to.

Be sure to apply it to your 2020 filing.

The pandemic also imposed large medical expenses for some.

If you paid out of pocket those charges may be deductible, if they exceed 7.5% of your income.

To take advantage of that deduction you have to itemize the costs as opposed to taking the standard deduction.