This is a short episode to provide some highlights on the 2020 tax return that not everyone may be aware of. While I covered some of these items in past episodes, I thought the highlights would be worth mentioning again.

 

Basically:

  • the recovery rebate credit is one way taxpayers may get their economic impact (stimulus) payments through filing a tax return, but they may not get as much as they expect

  • the earned income credit has a lookback to compare 2020 income and 2019 income to take the most advantageous for the credit

  • there is legislation pending that may increase the child tax credit next tax season

  • a reminder that unemployment income is taxable income

 

Tune it to learn more details!

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