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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.

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.

Investment income must be $3,650 or less for the year.

Maximum Credit Amounts
The maximum amount of credit for Tax Year 2020 is:

$6,660 with three or more qualifying children
$5,920 with two qualifying children
$3,584 with one qualifying child
$538 with no qualifying children.