Greta
Level 9
03-20-2022
10:17 PM
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Client's entire 100K income was reduced to zero because of Form 2555. The software gives him the $1400 recovery credit. Is that correct?
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Taxprohere
Level 7
03-20-2022
11:20 PM
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Yes, I had a client with FEIE for 2020 qualifying for EIP1&2, and remember finding the guidance that it's based on income after exclusion. Go figure! From what I remember, you should find that info on irs.gov.
Greta
Level 9
03-21-2022
07:17 AM
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The software agrees with you, it's giving him the recovery rebate.
