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Deductions & credits
If your AGI includes unemployment benefits, right now the income is included in your AGI for 2020, so you may not be eligible for the EIC even if using the 2019 earned income amount. I don't know if this will be changing or not - we are waiting on guidance from the IRS. On Tuesday, they issued guidance that stated that UE income is not included when determining whether or not a taxpayer is eligible for the $10,200 exclusion. They have not stated anything regarding EIC or CTC as of now.
As soon as we hear about any changes that impact the EIC, we will communicate those changes, but right now, we are just waiting for additional IRS guidance.
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March 25, 2021
2:13 PM