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Tax Corner

February 22, 2022 | Weekly Commentary

Remember to provide the amount of the Recovery Rebate Credit (also known as the Stimulus Payment) you received in 2021 with your tax documents. The Recovery Rebate Credit was $1,400 for each eligible individual ($2,800 for a joint return) plus $1,400 for each dependent. The IRS distributed the advanced refund based on 2019 or 2020 returns starting in March 2021. The payment was either a direct deposit, check or a prepaid debit card, so make sure to check your records / bank statements to see if this was received. While it is not considered taxable income, it is important to let your tax preparer know if you received that money.

REMINDER: If you are using your eVault Client Portal to upload tax source documents. Please put them together and upload one file or as few files as possible. When you are finished, e-mail our Tax Department at tax@valleynationalgroup.com.