If you are eligible for the Recovery Rebate Credit this tax season, you will do so through either Form 1040 or Form 1040-SR. Tax returns for 2020 will include a worksheet for taxpayers to fill out to see if they are eligible to claim this tax credit. To fill in the worksheet you will need to know about any stimulus payments you have already received. Under the terms of the Recovery Rebate Credit, the stimulus amount phases out if your income exceeds $75,000 if you are a single taxpayer, or $150,000 if married and filing jointly. The phase-out limit is … Continue reading Completing the Recovery Rebate Credit Worksheet

If you received each stimulus check in full, you have already received the government support you are entitled to. If, however, you have yet to receive the corona virus stimulus check you were entitled to, you may still be able to claim the Recovery Rebate Credit through Form 1040/1040-SR when you file your tax returns during the 2021 tax season. The IRS provides a Recovery Rebate Credit Worksheet on its website and with Form 1040/1040-SR to help you work out whether you are eligible to claim this tax credit. Taxpayers who are eligible to claim this tax credit must have … Continue reading Can I Claim the Recovery Rebate Credit?

In most years, the tax season will begin sometime in late January. The start of the tax season is defined by the date the IRS officially starts accepting tax returns. During the last few years, the tax season hasn’t started until February, as a result of new tax laws passed by Congress. As of this writing, you should expect the tax season to start in late January as the number of changes passed have been minimal. However, that could still change. The main point you need to know about is that if you’re claiming either the Child Tax Credit (ACTC) … Continue reading When Does Tax Season Officially Begin?