Does anybody know that there is another Prior Year Election for 2020 and nobody talks about it. When completing Form 7202 you can elect to use the 2019 net self employment income to increase the Sick Leave Credit for the self employed. But how electing a higher net self employment for this credit could affect the EITC? Interesting.
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It's been discussed in every one of the webinars/CPE classes that I have taken.
The EITC increases with earned income to a point and then decreases as earnings increase. So depending on where the client is on that curve using the higher earned income might be an advantage.
Tax Slayer has a good article that breaks each provision and each dependency down:
I am under the impression that 7202 can be efiled in TaxSlayer. Can anyone confirm that?
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