Support CenterCOVID Tax Relief In SureFire 2020 - COVID Tax Relief in SureFire 2020Our tax experts at SureFire are with you along every step of the way in navigating this challenging landscape. We've put together a short video to help you better understand how COVID tax relief can be calculated in SureFire.
The following calculations and worksheets will help taxpayers take advantage of recent legislation included in the Coronavirus Tax Relief.
Recovery Rebate
If your taxpayer client received a lower Economic Impact Payment (EIP) amount or did not receive the payment at all, they may be eligible to claim the Recovery Rebate Credit on their 2020 tax return. To ensure that your clients receive the correct amount of Economic Impact Payments, you can use the 1040 Wkt 8 (Recovery Rebate Credit Worksheet) in your SureFire 2020, to reconcile the amounts received versus what the taxpayer is eligible for.
Refundable Credits Lookback Rule
The recent COVID Tax Relief bill includes a refundable credits lookback rule which can help low-income taxpayers increase their 2020 EITC or CTC, using their earned income from the tax year 2019 to determine the Earned Income Tax Credit and the refundable portion of the Child Tax Credit, in the 2020 tax year.
Check out a great video on this topic here
Tags: federal,form