The Cares act had a $1200 tax credit tied to 2018 income (if 2019 wasn't submitted at the time), but then reconciled in the return for tax year
2020.I'm looking at the current proposal, which I realize hasn't been signed off yet.
I've embarked on a multiyear plan of IRA conversions (Traditional to Roth). 2019 saw a large conversion. This year, 2020, by staying under the $150K (MFJ), I recaptured the $2400 along with $2500 in higher education credits. The marginal rate for the conversion would have been a 22/24 mix, but the loss of the $4900 along with medical deductions would have given a phantom rate quite higher.
I'd like to plan my 2021 as soon as I know what the new plan's timing is for qualification.