Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
gmy91athotmail-c
New Member

Has turbotax updates it's 2020 online forms? keeps asking for 2019 information?

i'm filling out a schedule c, it's asking for "cost of purchases for 2019", shouldn't it be asking for cost from 2020? there are several other areas that are showing me history of 2018 and wanting 2019 info instead of 2019/2020 info?
3 Replies
ReneeM7122
Level 8

Has turbotax updates it's 2020 online forms? keeps asking for 2019 information?

Without looking at your Schedule C, it's challenging to tell exactly why the software is asking for prior year expenses.  However it could be depreciation on property that you use in our business, but were purchased in a prior year.

sunshinedogn4
Returning Member

Has turbotax updates it's 2020 online forms? keeps asking for 2019 information?

I need help

DianeW777
Employee Tax Expert

Has turbotax updates it's 2020 online forms? keeps asking for 2019 information?

Yes, it has been updated.  Some areas of the 2020 tax forms do ask for 2019 income because for the earned income tax credit (EITC) and child tax credit (CTC).

 

Under the new legislation, if your earned income was higher in 2019 than in 2020, you can use the 2019 amount to figure your EITC for 2020. This temporary relief is provided through the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Be sure to use only your earned income (see the earned income worksheet for EITC in your 2019 return).

 

You may be able to use your 2019 earned income to figure your ACTC if your 2019 earned income is more than your 2020 earned income. See the Instructions for Form 8812 for more information. See IRS Publication 972.

 

There may be some fields where you see 2018 when there are comparisons and they are being reported for update. This will not affect the calculations.

Dynamic AdsDynamic Ads
Privacy Settings
v