RECOVERY REBATE CREDIT & Social Sec Card Wording

RECOVERY REBATE CREDIT ELIGIBILITY You are not eligible for the Recovery Rebate Credit claimed on a 2020 tax return if any of the following applies: You may be claimed as a dependent on another taxpayer’s 2020 return (for example, a child or student who may be claimed on a parent’s return or a dependent parent […]

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Earned Income Credit & Valid Social Security Number

Earned Income Credit & Valid Social Security Number To qualify for the EITC (Earned Income Tax Credit), everyone you claim on your taxes must have a valid Social Security number (SSN). To be valid, the SSN must be: Valid for employment Issued before the due date of the tax return you plan to claim (including extensions*) For […]

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Sale Primary Residence BUT NOT TWO YEARS in Last Five

Reduced Maximum Exclusion Code Sec. 121(c)(2) provides for a reduced maximum exclusion for a taxpayer who sells or exchanges his or her principal residence but fails to meet the use-and-ownership requirements or the two-year limitation. In order for a taxpayer to claim a reduced maximum I.R.C. § 121 (c) (2) (B) — such sale or exchange is by reason […]

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