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G
Greta
Level 7
March 21, 2022
Solved

Does Form 2555 preclude the $1400 recovery credit?

  • March 21, 2022
  • 1 reply
  • 16 views

Client's entire 100K income was reduced to zero because of Form 2555. The software gives him the $1400 recovery credit. Is that correct?

This topic has been closed for replies.
Best answer by Greta

The software agrees with you, it's giving him the recovery rebate.

1 reply

Taxprohere
Taxprohere
Level 7
March 21, 2022

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.

G
GretaAuthorAnswer
Level 7
March 21, 2022

The software agrees with you, it's giving him the recovery rebate.

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