Things to know right off the bat:
Tax deductions help lower how much of your income is subject to federal income taxes. While tax credits lower your actual tax bill dollar for dollar. These credits can be refundable or nonrefundable.
Retirement Plans - 401(k)s, IRAs and more:
8/30/2022 09:04:14 pm
A person's adjusted gross income (AGI), as reported on their 2018 or 2019 tax forms, was used to establish their eligibility for both stimulus payments. You may be entitled to claim the Recovery Rebate Credit on your Form 1040 or 1040-SR if your status changed in 2020 due to a baby being born or a fall in income and you did not get one or both stimulus payments (or got less than the full amount). The amount of your refund or the amount of taxes you owe may change as a result of this credit. For additional information on the Recovery Rebate Credit, click here.
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