Not quite accurate. You get to pick the year that would generate a bigger tax break for you. However, you still have to file your 2020 income tax return based on your 2020 income.
Taxpayers may elect to use their 2019 earned income to figure the Earned Income Tax Credit and the refundable portion of the Child Tax Credit if their 2019 earned income is more than their 2020 earned income.
The Earned Income Tax Credit (EITC) can give qualifying workers with low-to-moderate income a substantial financial boost. EITC not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes or aren't required to file a return.
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