FYI, for anyone waiting for this form to become available, I calculated here on Turbo Tax Self Employed and it used my 2019 tax AGI, as I had also used this figure for EIC and Child Tax Credit due to lower income and given the option.
According to the downloaded form and trial using H & R Block Software, the calculations of refundable credits are VERY different.
It appears that Turbo Tax is using the given option for 2019 AGI to figure the amount, while H & R Block is using your AGI for 2020 even if you used this figure for the EIC and child credits. I realize these have not been finalized here at Turbo Tax, but according to the H & R Block Form 7202, it is both filable and fileable through them e file.
So, for anyone who maybe understands this form or tax language of the form:
If we are given the option for CREDITS using previous year's 2019 return, does this apply to the 7202 form, or are they going to actually go by minuscule income of 2020, where most of us lost income (which is why we are applying for the credit), and get a grand total of maybe $50?
It doesn't make sense to allow this credit when our average income was so low making us need the credit?
