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?
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
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.
Joe M 87