Recovery Rebate Credit and Income Tax Formula
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Recovery Rebate Credit and Income Tax Formula
Question Description
- 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)
- 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)
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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