Update on PEIC/PACTC OPTION FOR 2020 RETURNS

[luithe3rd]

I've noticed array of results when choosing prior year EIC and Additional Child Tax Credit option for repeat and new clients.  I'm not confident the results are correct and have decided to put these clients on hold. 

Sometimes the refund amounts don't recalculate at all when choosing "Prior Year option" and there is a $10,000 difference in Earned Income.

Intuit, please step up and resolve this issue correctly and promptly.  My customers are not happy having to wait and my integrity is on the line here.

Thank you!

[sjrcpa]

"Sometimes the refund amounts don't recalculate at all when choosing "Prior Year option" and there is a $10,000 difference in Earned Income."

Might this be correct? Depending on what else is on the return, it could be. And refund amount is not the the correct comparison. Refunds =  total payments and credits - total tax. If payments are low or nonexistent (unemployment anyone?) there won't be a refund.

Have you done the calculations manually to check?

[IRonMaN]

If you are worried about your integrity, then it’s time to show your worth and manually calculate the credits.  Blaming Intuit without knowing if the software is right or wrong isn’t helping your integrity. 

[abctax55]

SMH....

The software is a TOOL... your 'integrity' is predicated upon your knowledge of the tax laws and the ability to apply said knowledge to the facts and circumstances of your client's situation. Blaming the sotware is 'shooting the messenger, up to and until YOU prove the software to be wrong.

/rant off

[BobKamman]

@luithe3rd "Sometimes the refund amounts don't recalculate at all when choosing "Prior Year option" and there is a $10,000 difference in Earned Income."

Maybe because you're using an example when 2020 earned income is higher than 2019?  Some examples would help.  But as others have pointed out, if you can't do the calculations manually, you shouldn't be using a tool that just does it faster.