After the Coronavirus pandemic was declared, congress passed some legislation that was intended to help us. Many of us remember receiving a stimulus payment that was up to $1,200 per adult and $500 per dependent child. That could have added up to a pretty penny. Some individuals are in the situation that they may not have received their full share. It gets a bit complicated, as that stimulus payment was actually an advance payment of a credit allowed on the 2020 Tax return that we have yet to file in 2021.
This link shows how you can claim the remainder of the stimulus payment if you received less than you should have. Remember, however, that the credit is phased out as you approach higher incomes, ($150,000 for married filing joint). The credit is based on your 2020 income. Some planning may be needed to ensure you get the most you can.
As you get ready for filing the 2020 tax return in early 2021, remember that you will need the amount of your stimulus payment so you can reconcile it to determine if you are owed more, or if you actually got more than you should have. HOWEVER, there is a provision in the law that states that if you received too much, you will not be required to pay it back.