Coronavirus Tax Filing & Payment, Federal Tax

Recovery Rebate Credit

Here’s good news for some people when they file their 2020 tax returns in 2021. A Recovery Rebate Credit is available to taxpayers who didn’t receive an Economic Impact Payment (EIP) in 2020. It’s also available to those who didn’t receive the full amount of an EIP for which they were eligible. EIPs were sent to help mitigate the financial effects of COVID-19. The maximum amounts, which are based on meeting a 2018 or 2019 tax-year income threshold, are $1,200 ($2,400 for married filing jointly), plus $500 for each qualifying child. Contact the Cg Team – we will ensure you claim any tax credits you’re entitled to when we prepare your return.  © 2020