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99 000 for single taxpayers 136 500 for those filing as head of household and 198 000 for joint filers with no kids.
Stimulus check tax credit. President elect joe biden s coronavirus stimulus package includes additional stimulus payments and tax credits targeted toward families. It s line 30 and it reads recovery rebate credit. So if you receive a credit for the 600 stimulus.
For the first stimulus check single filers and heads of household could have gotten up to 1 200 plus 500 for each qualifying child a person under age 17 who is claimed as a dependent. Stimulus checks are tax credit advances according to tax attorney kelly phillips erb it s important to understand that the cares act views the economic impact payments as tax credits on your 2020. The stimulus check you receive will not factor into your income tax liability.
The 2020 tax return has a specific line for you to claim the stimulus money. The stimulus check rebate completely phases out at. You may be able to claim the recovery rebate credit.
Technically stimulus payments are an advance on a tax credit for the 2020 tax year. The recovery rebate credit by which you can claim that money will be factored into your overall tax return including liabilities. That s a point the house ways and means committee noted in its rundown monday on the new round of checks.
The irs solution to all this is for you to claim your full or partial stimulus share during tax season this year by filing a recovery rebate credit. Unlike a tax deduction which reduces your taxable income and therefore your tax payment a tax credit reduces the amount of tax you owe dollar for dollar.
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