I filed 2020's taxes at the end of January, and I am scheduled to receive a federal refund this week which was much lower than every year. In 2020, I got furloughed due to the pandemic in March 15, 2020, and ever since I have been on unployment compensation. I was under the impression that unemployment was earned income and didn't think anything when I realized I was receiving a shorter refund this year.
Some weeks later I was told that I was able to use 2019's earned income to calculate EIC and that UI is in fact not earned income. That would make my earned income for 2019 higher than it was/is for 2020.
I made the mistake of not using 2019's earned income in order to calculate my qualified credits for 2020.
However, my question is, am I able to amend in order to recalculate my earned income by choosing 2019's income instead?
Can I fix this small error through amending in order to get the accurate return I am entitled to?
I was not aware of this stipulation until after I filed this year early this month. Please any information is helpful.
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Yes, you can amend your tax return to change your EIC calculation by using 2019's earned income. You should wait until you receive your refund, then log back into your TurboTax program where you will see an option to amend your 2020 tax return. There is no charge to do the amended return.
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