Page 22 THE SAUGUS ADVOCATE – FRIDAY, FEBRUARY 5, 2021 “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO RECOVERY REBATE CREDIT owe the IRS. The Recovery Rebate CredT he Recovery Rebate Credit was authorized by the CARES act and the related COVID-related Tax Relief Act. It is a tax credit to be applied towards your 2020 federal income tax. It will serve to either increase your federal refund or reduce the amount that you it was eligible to be paid in two rounds of advance payments during 2020 and 2021. These advance payments are referred to as the first and second Economic Impact Payments. Taxpayers that received the full amount of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 income tax return. Your first economic impact payment would have been $1,200 ($2,400 if married filing jointly) plus $500 for each qualifying child you had in 2020. Your second economic impact payment would have been $600 ($1,200 if married filing jointly) plus $600 for each qualifying child you had in 2020. A qualifying child must have been under the age of 17. To determine if you are eligible for the Recovery Rebate Credit, complete the Recovery Rebate Worksheet in the instructions for Form 1040 or Form 1040-R. You would not be eligible if you received the full amount of the first and second Economic Impact Payments. You are not eligible for the tax credit if you are claimed as a dependent on another’s tax return. You must file Form 1040 or Form 1040-R in order to claim the credit, even you are otherwise not required to file a tax return. Your Recovery Rebate Credit will be entirely phased out if your adjusted gross income exceeds $150,000 if you are married filing jointly, $112,500 if you are filing as head of household, and $75,000 if you are filing single. You should have received IRS Notice 1444 for the first Economic Impact Payment and Notice 1444-B for the second Economic Impact Payment. Refer to them when completing your tax return or provide to your tax preparer. This is necessary in order to determine what advance payments were actually received and what, if any, tax credit you are entitled to on your 2020 federal income tax return. Taxpayers with an account on the IRS.gov/account website will be able to view the amounts of the Economic Impact payments already received. You may also need your 2019 adjusted gross income figure in order to complete the worksheet. Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 REAL ESTATE TRANSAC TIONS SELLER1 BUYER2 Sherlock, Ashley M Gonzalez, Osvaldo DeValdivieso, Joamy B Belluscio, Alexis M Sherlock, John B Molina, Maria I Valdivieso, Alex J Lyon, Maxwell T Elliott, Dolores J Guarente, Aimee M 30 Newhall Street LLC Celsus LLC SELLER2 ADDRESS 491 Central St 325 Lincoln Ave 30-1/2 Newhall St 3 Golden Hills Rd CITY Saugus Saugus Saugus Saugus DATE 15.01.2021 15.01.2021 12.01.2021 11.01.2021 PRICE $565 000,00 $515 000,00 $775 000,00 $435 000,00
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