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Alfredo1967
Alfredo1967
Level 4
February 26, 2021
Question

Is the a "New Lookback Rule" for this tax season?

  • February 26, 2021
  • 3 replies
  • 18 views

there is a rumor that this tax season tax filer will be able to choose whether they want to use either their 2019 or 2020 earned income to calculate the Earned Income Tax Credit on their 2020 tax return. Is this true and where in the 1040 can a tax payer make that choice?

This topic has been closed for replies.

3 replies

sjrcpa
sjrcpa
Level 15
February 26, 2021

Not a rumor. Fact.

I don't use ProSeries so can't help with the how.

It has been discussed here many times.

The more I know the more I don’t know.
    carina aguilera
    Level 3
    February 27, 2021

    YES go to EIC worksheet section 5 you will be able to check yes or no 

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      February 27, 2021

      as long as the 2020 earned income is LOWER than 2019

      The 2020 AGI will still be in the mix, so if your client has a giant chunk of Unemployment, you may not see much help from the lookback

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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