What is the recovery rebate tax credit?
When the IRS started to send out stimulus checks, the preliminary amount of the stimulus check was based on your 2018 or 2019 Adjusted Gross Income (therefore the requirement to have your 2018 or 2019 expat taxes filed). The final amount of your first and second stimulus checks will be based on your 2020 adjusted gross income.
The Recovery Rebate Credit will act as a one-time refundable tax credit for those who have not received their Economic Impact Payment, or for those whose circumstances have changed and could be eligible to claim a higher amount now that the 2020 circumstances are known.
Expatfile supports the Recovery Rebate Credit in their 2020 software. No worksheet should be completed as our software automatically calculates the credit for you.
For a full list of supported forms and features, check out our pricing page!