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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?
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There is a checkbox on the EIC worksheet to use 2019 income for EIC
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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♥¸¸.•*¨*•♫♪
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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.
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Do you know when we can start e-filing them?
Slava Ukraini!
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@IRonMaN wrote:
Do you know when we can start e-filing them?
It is 9:12pm on the East Coast right now, so we can e-file in 2 hours and 48 minutes, right?
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Actually it is 9:15, but the rest of that sounds reasonable to me.
Slava Ukraini!
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It's not that you report 2019 income, it's that the 2019 Earned Income will be used in the calculation of the EIC instead of 2020 EI.
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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
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Lisa,
Thanks for this info. This needs to be resolved so that the benefit may be passed to the taxpayers who so desperately need it. Hopefully, there is a quick resolve to the matter so the tax preparer community can provide this important service.
Thanks,
Joe M 87
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Accountant-Man
Got it, thanks, Bravo!!!
Have a good tax season,
Joe M 87