FAQ: Recovery Rebate Credit

2021 – 09/07 The Social Security (SS) wage base for 2022 is projected to rise to at least $146,700. That’s according to the SS Administration Office of the Chief Actuary, which issues three forecasts. The highest projection is $147,300. The wage base is the point at which annual wages are no longer subject to SS…

2019-02/28 The IRS has issued guidance regarding the revocation or denial of passports to delinquent taxpayers. In an information release, the IRS reminded taxpayers that they may not be able to renew a current passport, or obtain a new passport, if they’re “seriously delinquent” in paying federal taxes. A taxpayer is considered to have a…

Kurt Wunderlich, Associate Wealth Advisor, 8/8/2019 Marriage, it turns out, is even more than hefty emotional commitment, a blending of families, and the awesome chance to add another crazy aunt or uncle to your family tree. Specifically, when you are married, you become a single economic unit. Your partner’s successes are your successes; similarly, your…

2021 – 10/01 Taxpayers who don’t qualify for the Child Tax Credit because their children are too old may have an alternative. The Credit for Other Dependents maxes out at $500 per dependent if certain conditions are met. To qualify, dependents must: Be age 17 or older; have individual taxpayer ID numbers; be a qualifying…

2021 – 04/14 The IRS has provided additional penalty relief for employers who failed to timely deposit employment taxes because their deposits were reduced in anticipation of various employment tax credits. This IRS guidance specifically extends penalty relief provided by various COVID-19-related legislation to these three credits: 1) paid sick and family leave credits with…