For this year, 2020, there are some key items to consider involving credits, deductions, and refunds:
Recovery Rebate Credit/Economic Impact Payment.
Taxpayers who received an Economic Impact Payment should keep their Notice 1444, Your Economic Impact Payment, with their 2020 tax records. You may be eligible to claim the Recovery Rebate Credit on your tax year 2020 federal income tax return if:you didn’t receive an Economic Impact Payment, or your Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018), plus $500 for each qualifying child you had in 2020.
If you didn’t receive the full amount of the Economic Impact Payment for which you were eligible, you may be able to claim the Recovery Rebate Credit when you file