Recovery Rebate Credit (Economic Impact Payment) 2020
Learn how to use screen RRC to calculate any available Recovery Rebate Credit (Economic Impact Payment) that the taxpayer might be entitled to on the 2020 tax return.
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Advance CTC payments must be reconciled on the 2021 tax return. Excess advance payment amounts received will be required to be repaid in certain circumstances. To reconcile amounts received for the advance child tax credit, entries must be made on the 8812 screen in Drake Tax 2021.
Beginning in 2018 the previous federal deduction for employee business expenses reported on Form 2106 has been suspended unless the taxpayer meets certain criteria. [CC]
Easily track repayment of the Home Buyer’s Tax Credit by entering data into Form 5405 on the Home screen.