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2020 has been a difficult year, but there are still some silver linings to look forward to when it comes to tax season. With the passage of the CARES Act, taxpayers can take advantage of some beneficial aspects of the 2020 tax season, such as the Economic Impact Payment (EIP) and the Tax Return Credit Karma.
The Tax Return Credit Karma, also known as the Recovery Rebate Credit, is a new benefit available to taxpayers in 2020 that provides a tax credit for any money you may have received from the federal government in 2020. This includes money from either the first or second round of the federal Economic Impact Payment, or EIP. This credit is available for individuals and families who did not receive the full amount to which they were entitled.
The Tax Return Credit Karma is valuable because it allows taxpayers to receive a tax credit up to the full amount of the EIP, even if they did not receive the total amount they were eligible for from the federal government. This is important for individuals and families who need the money to make ends meet during the COVID-19 pandemic but haven’t received their full payment. It’s also a great way to find out if you’re eligible to receive additional money from the federal government.
Typcially, those who are approved for the credit can receive as much as $1,200 for an individual, or $2,400 for a married couple filing jointly. It is also beneficial for those who are filing their taxes as heads of households as they can receive up to $1,800. The credit is also beneficial for those with dependents, as they can receive up to $500 for each dependent.
To take advantage of this credit, the taxpayer must have their 2020 tax return correctly filled out with any applicable information. Specifically, taxpayers must include information about the EIPs they received, as well as the Social Security Numbers of any dependents in order to receive the Recovery Rebate Credit.
Overall, the Tax Return Credit Karma can be a benefit for many taxpayers – especially those who rely on the EIPs for their Living expenses. Understanding how the Recovery Rebate Credit works now and taking full advantage of this new benefit can help to ensure that you get the most out of your 2020 tax return.