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O
othorn
Level 3
October 20, 2021
Question

2020 Form 5884-A

  • October 20, 2021
  • 1 reply
  • 14 views

Form auto calculates 40% when it should be 50%.  40% is the 2019 rate.

When will this be corrected?  is there a workaround?

This topic has been closed for replies.

1 reply

T
TaxGuyBill
Level 15
October 20, 2021

Can you clarify why you think it is 50%?

From the Instructions:

2020 Qualified Disaster Employee Retention Credit (Form 5884-A, Line 1b)

An eligible employer who continued to pay or incur wages after the employer’s business became inoperable because of damage from a 2020 qualified disaster may be able to claim a credit equal to 40% of up to $6,000 of qualified wages paid to or incurred for each eligible employee.

https://www.irs.gov/instructions/i5884a#idm139907417554336

 

    O
    othornAuthor
    Level 3
    October 21, 2021

    https://www.irs.gov/coronavirus/employee-retention-credit

    This is the retention credit I’m speaking about. 50% in 2020 to 70% in 2021.

    T
    TaxGuyBill
    Level 15
    October 21, 2021

    That COVID credit is taken on the payroll forms (941).

     

    [Edited because I forgot what year it was right now.   🙂  ]

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