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Question

I did not receive my Pandemic Relief Money ($1200) and it was because I was claimed as a dependent on 2018 taxes. in 2019, I filed individually. Can I deduct $1200 from my 2020 tax debt?

AI accountant’s answer:

You'll be able to claim the Recovery Rebate Credit on your 2020 Form 1040, so long as you are not a dependent of another taxpayer for 2020 and are a U.S. citizen or resident alien in 2020. This credit will act like any other tax credit, reducing the amount of tax you owe and if it results in an overpayment, you'll receive a refund.

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Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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