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.
🔍 COVID Tax Relief in SureFire 2020
Our 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.
📚 What This Guide Covers
The following calculations and worksheets will help taxpayers take advantage of recent legislation included in the Coronavirus Tax Relief.
📊 Step-by-Step Guide
Step 1: Review the Recovery Rebate (Recovery Rebate Credit)
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.
Step 2: Understand the 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.
✅ Success!
You now have the key SureFire 2020 guidance for COVID Tax Relief calculations, including the Recovery Rebate Credit and the Refundable Credits Lookback Rule.
💡 Video Resource
Check out a great video on this topic here
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form