Answered: Matthew and Jessica file as married…

Matthew and Jessica file as married filing joint. They have an AGI of 225,000, and 4 qualified children. What is their 2020 Recovery Rebate?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 15CE: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019,...

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Question

Matthew and Jessica file as married filing joint. They have an AGI of 225,000, and 4 qualified children. What is their 2020 Recovery Rebate?

Expert Solution

Introduction

Recovery rebate is like deduction which is provided to all taxpayers like, individual and married filing separately or jointly as per their eligibility and it reduces the net tax liability with the amount of rebate credited and if the rebate amount is more than the tax liability then, the required amount has refunded to the taxpayer.

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