topic Re: EITC over 65 in Deductions & credits

EITC over 65

hot rod bill — Sun, 30 Jan 2022 01:10:35 GMT

Why is my 2021 Turbo Tax desktop version allowing me 2 choice amounts of the EITC? One is from 2019 the other 2021. I am 66 and single. Thanks in advance Bill

Re: EITC over 65

DoninGA — Sun, 30 Jan 2022 01:12:54 GMT

For tax year 2021 and 2021 only you are allowed to receive the Earned Income Tax Credit, if eligible, if you are age 65 or older.

Re: EITC over 65

VolvoGirl — Sun, 30 Jan 2022 01:13:56 GMT

Yes for 2021 you can now qualify for the EIC if you are over 65 and have no children. It used to be to age 65.

Re: EITC over 65

hot rod bill — Sun, 30 Jan 2022 01:16:57 GMT

OK I'm 66. But why are they offing me a choice between 2019 and 2021?

Re: EITC over 65

VolvoGirl — Sun, 30 Jan 2022 01:18:47 GMT

The lookback rule is part of the Coronavirus tax relief package.

The special lookback rule will allow lower income individuals to use their earned income from 2019 to determine their Earned Income Tax Credit and the refundable portion of the Child Tax Credit, since their lower 2020 or 2021 income could reduce the amount they are eligible for.

You can look back and use your 2019 income for the EIC credit instead of 2020 & 2021. How to use the Lookback provision

https://ttlc.intuit.com/community/earned-income-credit/help/how-do-i-use-the-lookback-provision-to-maximize-my-earned-income-credit-or-additional-child-tax/00/2134907

Re: EITC over 65

hot rod bill — Sun, 30 Jan 2022 01:29:48 GMT

Thank you VolvoGirl, that helps tremendously.