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

Level 3

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?

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3 Comments 3
Level 15

Not a rumor. Fact.

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

It has been discussed here many times.

carina aguilera
Level 2

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

Level 15
Level 15

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