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Deductions & credits
I assume this approach can work in 2022 for 2021 taxes?
I've done it as a draft using TT CD and it vastly improved my results. BUT, I went back to 2020 (using 2020 TT cd) and my tax liability was MORE using it this way. My 2020 was actually filed by entering W-2 income as "normal" W-2 wages and entering a negative value as Other Income using the 2014-7 notice. When I considered doing an amendment and using THIS approach (W-2 income as "other" income and then also negative value as Other income), then Turbo Tax showed I would have to pay back some of my refund.
Strange. I'll leave 2020 alone - I was happy with it. Hoping I can use this method for 2021 because it does help me qualify for EIC.
‎February 2, 2022
2:58 PM