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3 kids, 2020 income lower than 2019 - TT switched to 2019 income to calculate EIC
but the number as 2019 earned income pulled automatically into 2020 return is some number that I do not recognize being the EI for 2019 - even though I have looked as per the instruction "where to look for 2019 EI".
Hypothetically:
w2 income - 130000
Schedule 1 deductions - 26000
Taxable income - 104000 (AGI)
Standard deduction - 24000
Taxable income - 80000 (is this the EI) - if it is, why TT is putting say 95000 in 2020 tax return as EI from 2019?
Am I missing something?
May 11, 2021
12:57 AM