Reference no: EM132803417
Problem 1: Which of the following taxpayers is not eligible for an economic impact payment in 2020?
a. Savannah, a married taxpayer with no children, and has AGI of $75,000 in 2020
b. Blake, a single taxpayer with no income in 2020, and who was incarcerated
c. Kaylee, a 24-year old single individual (not a dependent) who did not file a tax return in either 2018 or 2019 as her income was below the filing threshold
d. Ava, a married taxpayer that had a child in 2020. Her joint AGI in 2020 was $76,000.
Problem 2: As a married couple, Yihong and Kaylee's EIP was $2,400. In 2020, they computed their recovery rebate credit as $2,900 due to the birth of a child in 2020. The 2020 net impact of the EIP and RRC will be to:
a. increase their income
b. decrease their tax liability by $500
c. increase their tax liability by $500
d. have no impact on their tax liability
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