look back to previous tax year

Forum|Forum|5 years ago
February 12, 2021
10 replies
28 views

Since the pandemic caused many taxpayers to rely on state unemployment assistance during tax year 2020, there is supposedly an opportunity to have the taxpayer lookback to the previous tax year to report income, so that the Earned Income Credit and Child Tax Credit are not lost due to unemployment compensation being "unearned" and the credits are thereby disqualified (or significantly reduced). How is this option enacted and applied in Pro Series?

ProSeries Professional

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TAXOH

Level 10

There is a checkbox on the EIC worksheet to use 2019 income for EIC

J

Joe M 87Author

Level 2

TAXOH,

Well thanks so much for your insight. I located the checkbox on the EIC and validated the outcome, which is very helpful to the taxpayer refund status. I am anticipating many more occurrences of this dynamic for the tax year. This option is the right thing to do for so many with displaced income due to the pandemic. The Intuit Community made this communication possible. Thank -You.

Joe M 87

Just-Lisa-Now-

Intuit Community Champion

At this point were getting the message that the return cant be Efiled with the 2019 EITC lookback, hoping this changes at some point.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

TAXOH

Level 10

I think it's only if there is no earned income. So far all the ones I've had have had some earned income in 2019 and 2020 and I am able to efile them.