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Alona [7]
2 years ago
13

Larry comes to your office to file his 2020 tax return and tells you that he never received an Economic Impact Payment (EIP) dur

ing 2020. It appears that he should have qualified. You assist Larry in checking the Get My Payment tool at www.irs.gov, where it says that a payment was deposited to a bank account that Larry states is not his. Larry will need to:
Business
1 answer:
11111nata11111 [884]2 years ago
4 0

Incomplete question. The options:

a. File his 2020 tax return, including the EIP on Form 1040, line 30, and wait for the IRS to fix the mistake.

b. File Form 14039, Identity Theft Affidavit, with the IRS.

c. Contact the Farm Housing Administration.

d. Contact the bank that received the deposit and ask them to redirect the funds to him.

<u>Answer:</u>

<u>a. File his 2020 tax return, including the EIP on Form 1040, line 30, and wait for the IRS to fix the mistake.</u>

<u>Explanation:</u>

True. According to the information found on the IRS website concerning those who were eligible but didn't receive the Economic Impact Payment (EIP) during 2020, they are to fill the 2020 Form 1040 alongside submitting their tax returns for the year 2020.

Hence, Larry simply needs to file his 2020 tax return, including the EIP on Form 1040, line 30, and wait for the IRS to fix the mistake.

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The answer is C.

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Based on the scenario in the question, the owner of the concert hall should price tickets lower for customers who are more elastic in their demand for tickets.

Elastic demand simply means that a little change in the price of the concert hall will lead to a higher change in the quantity demanded. In this case, when the price increases, such people will buy little tickets. Therefore, the prices should be set lower for these set of people as there will be a huge increase in demand when the price is lower.

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