Recent Posts

Archive

Tags

2020 ECONOMIC IMPACT PAYMENTS (EIP)

2020 ECONOMIC IMPACT PAYMENTS (EIP)


If you received an Economic Impact Payment (EIP), you will not need to include the payment as taxable income on your 2020 tax return or pay income tax on the payment.


The EIP payment will not reduce your refund or increase the amount of tax you owe on your 2020 federal income tax return.


Those who received an Economic Impact Payment will also receive Notice 1444, “Your Economic Impact Payment.” Keep a copy of the notice for your tax records.


You may be able to claim the Recovery Rebate Credit on your Tax Year 2020 federal income tax return if you met the eligibility criteria in 2020 and: - 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.


Let us know if you have any questions. Message us. Call or text us at (808) 677-9809. Email: RagasaTaxService@gmail.com


(Source: https://www.irs.gov/pub/irs-pdf/p5348.pdf)