I have been told by the IRS that they have adjusted my EIC amount to reflect the lookback credit and my refund has been reduced by about 1000 dollars. My 2020 return utilized the lookback to calculate a bigger actc credit but still used my 2020 EIC as it was bigger. According to the account specialist at the IRS they have fixed my EIC to match my 2019 agi and thus my refund has been reduced and I will get a notice in the mail.
From what I am reading its allowed to use the lookback for one and not the other, so why has the IRS adjusted my eic to reflect 2019s agi?
Sorry but if you use the 2019 earned income for the ACTC/CTC it must also be used for the EIC on the 2020 return ... it is for both or nothing. Not sure how you could even get the program to do it incorrectly without overriding it in the FORMS mode.
Turbo taxes software only used it for actc, i can see on my return the code for the lookback and can also see my 2020 eic was used.
Actually you can only enter the 2019 earned income in the EIC section ... there is nowhere to enter it for the CTC/ACTC only ... so call TT support to get one on one help with someone who can see your return ... we are blind in this public forum.
To call TurboTax customer support
https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number
Thank you but its almost impossible to get someone on the phone right now. And turbo taxes software apparently can calculate it like that. Also the other two "big" tax companies have on their website the lookback can be used for either/or/both any way that gets you the biggest refund.
Put in for an accuracy guarantee if you believe the program made an error on your return.
See this TurboTax support FAQ for the Accuracy Guarantee - https://ttlc.intuit.com/community/charges-and-fees/help/what-is-the-turbotax-100-accurate-calculatio...