a. Which income tax formula is presented in the video, as well as, the same formula(s) presented

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Question:

a. Which income tax formula is presented in the video, as well as, the same formula(s) presented in chapter 2 of our textbook? Which section/line in the formula includes Recovery Rebate Credit in the calculation? Be sure to state the complete title of this line item in your answer. (5 pts)

b. According to the video and chapter 4 in our textbook, explain the different effects above/below the line deductions versus tax credits have on a taxpayer’s 1040 return. (10 pts)

c- According to the video and chapter 1 in our textbook, the Recovery Rebate Credit is authorized by what legislative act? What is the complete title of the advance Recovery Rebate payments sent to taxpayers in 2020? (5 pts)

d- According to the video and chapter 1 & 3 in our textbook, is the advance Recovery Rebate payment considered “Inclusion or Exclusion” from “Total Income” on the 1040 or 1040SR form? (2.5 pts)

e- According to the video and chapter 1 in our textbook, which qualifying persons or dependents are ineligible to receive advance recovery payments or claim the “Recovery Rebate Credit”? (5 pts)

f- According to the video, what tool is available for taxpayers to check the status of their advance Recovery Rebate payments? (5 pts)

g- According to the video, explain (3) reason why some individuals have not received their advance Recovery Rebate payments. (5 pts)

h- According to the video, list and explain (2) ways taxpayers may be eligible to claim the “Recovery Rebate Credit”? (5 pts)

i- According to the video and chapter 1, list AGI and phase-out income limits for Single, Married, and Head of Household individuals, whom are eligible to claim the “Recovery Rebate Credit on their 2020 1040 tax returns? (10 pts)

j- According to the video and chapter 1 & 2 in our textbook, are/were dependent children and dependent relative eligible to receive advance payments or claim the Recovery Rebate credit? List the age limit of the qualifying person(s) who is/are eligible to receive advance payment or claim the Recovery Rebate Credit on his/her/their 2020 1040 tax return. (10 pts)