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What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is
What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,200 for single taxpayers and $2,400 for married, filing jointly taxpayers. An additional $500 is allowed for each qualifying child. Amount of RRC taxpayer may claim 1,200 x 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2020. In 2020 they received an EIP of $2,900 based on their filing status and having a dependent child that was age 14 at the end of 2019. 1,200 2. Phoebe was a dependent taxpayer in 2018 and had not filed a tax return. In 2020, she failed to est and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 1,200 x 3. Mahima received a $1,200 EIP in 2020. Due to the birth of her son in 2020, Mahima was classified as a head of household taxpayer with AGI of $47,000
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