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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 in 2020, since their lower 2020 income could reduce the amount they are eligible for.
Please read this TurboTax blog for more information.
To use the lookback feature for the Earned Income Tax credit in TurboTax Online, go to the Earned Income tax credit section.
To use the lookback feature for the Child Tax credit in TurboTax Online, go to the Child Tax credit section.
With the new Child tax credit to include 17 yr olds, if my child turned 17 in 2020, and will be 18 mid Sept 2021, will I be eligible for this new expanded credit? I file HoH and meet income requirements at 90k in 2019 and 88.5k in 2020.
You may not qualify as your child will not be under 17 as of the end of 2021 (which would be the reference point).
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