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Deductions & credits
To clarify, what was your AGI on your 2020 tax return?
Did the IRS adjust your AGI?
According to the IRS:
Generally, if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit. Your credit amount will be reduced by the amount of your first and second Economic Impact Payments.
It also is reduced if your adjusted gross income (AGI) is more than:
• $150,000 if married and filing a joint return or filing as a qualifying widow or widower
• $112,500 if filing as head of household or
• $75,000 if filing as a single or as married filing separately.
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. 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 who may be claimed on an adult child's return). • You do not have a Social Security number that is valid for employment issued before the due date of your 2020 tax return (including extensions). Some exceptions apply for those who file married filing jointly where only one spouse must have a valid Social Security number to claim the credit. • You are a nonresident alien. • You are an estate or trust.
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