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.
It's been discussed in every one of the webinars/CPE classes that I have taken.
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Tax Slayer has a good article that breaks each provision and each dependency down:
"Level Up" is a gaming function, not a real life function.