Webinar “All you need to know about the Recovery Rebate Credit”

Mar 3, 2021 | IRS - Internal Revenue Service, Sin categorizar, US Tax Return 1040 / 1040NR | 7 comments

How can you receive your “Stimulus checks” with the Recovery Rebate Credit? Haven’t gotten them yet? Are they taxable?

Organized by the American Club of Madrid and US Tax Consultants.

Registration required: Click here

CARES Act and CARES Act II

EIP1: Stimulus Check $1,200 & EIP2: $600 (MFS and MFJ)

Eligibility: Estimated over 2018 and 2019 Tax Return

Payments distributions: direct deposit, checks, payment cards.

Non-filers. IRS Tool GET MY PAYMENT (the IRS website)

How to cash the checks: Through a Bank Account in Spain, through the bank account in the U.S.A. What if you do not have a bank account in the U.S.A.? (ACA).

Payment timing of both checks

Recovery Rebate Credit in the Form 1040 2020

What about the Biden extension of the EIP2 up to $1400?

7 Comments

Cris Cabrera on March 18, 2021 at 10:12 am

Agradeceria, a ser posible, me informasen como declarar estas ayudas directas del IRS (stimulus checks) en declaracion de renta aqui en España. En EE.UU. estan exentas de impuestos, y segun leo en un foro fiscal, en algunos paises tambien. Aqui en España segun el foro Rankia. estos cheques recibidos, deben tributar. Cara a la declaracion campaña 2020, como deberia reflejarse esta ayuda $1200 en la declaracion?. Muchisimas gracias
Reply
- Antonio Rodriguez on March 23, 2021 at 8:17 pm
  
  Cris, definitivamente es un ingreso y lo más razonable es que los “Stimulus checks” deberían tributar en el IRPF como rentas del trabajo.
  Reply
James on March 21, 2021 at 8:43 pm

Last week I received my third stimulus check at the bank. They are getting to me well.
Reply
Javier Dowdell on March 22, 2021 at 9:25 am

I would like to apply for the Recovery Rebate Credit because I haven’t received any of the stimulus checks yet.
Reply
- Antonio Rodriguez on March 23, 2021 at 8:19 pm
  
  Javier, you should claim the Recovery Rebate Credit on your 1040 2020 Indivdual Tax Return.
  Reply
Kathy.y.tom@gmail.com on May 13, 2021 at 4:03 pm

Hola
I have received both stimulus check but my spanish bank will not deposit them as I do not have an American account can you give me any advise on how to cash them or should I return them
Appreciate any advise
Thanks

Sent from my iPad
Reply
- Antonio Rodriguez on May 13, 2021 at 7:19 pm
  
  Kathy,
  
  You can deposit them in a US Bank account, if you do not have any, please check with ACA (American Citizens Aborad). They are offering a service so you can open a bank account in the US directly from your home.
  
  Antonio
  Reply