Recovery Rebate Credit
Help clients avoid delayed refunds
The IRS has added a new field to the 2020 Form 1040 allowing eligible taxpayers to claim the Recovery Rebate Credit as authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This is great news for eligible taxpayers that are entitled to the credit, and entering the information correctly can help you avoid any unanticipated refund delays.
Accuracy is important for you and your clients
Providing inaccurate Recovery Rebate Credit information to the IRS may result in the IRS delaying or withholding a taxpayer's refund and your tax preparation fees when clients pay-by-refund. Help clients avoid refund delays and get paid on time by confirming information entered is accurate.
Refer to your tax preparation software for more details about taxpayer eligibility for the Recovery Rebate Credit and how to calculate the amount entered in line 30. Visit the IRS website to learn more about the Recovery Rebate Credit.