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It's asking me if I want to use my income from 2019 for our child tax credit or if we want to use income from 2020.. I don't know which I should click
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It's asking me if I want to use my income from 2019 for our child tax credit or if we want to use income from 2020.. I don't know which I should click
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.
- In the Search box on the top right of your screen, enter earned income tax credit and click on Find at the right
- In the search result box, click on Jump to earned income tax credit
- In this section, follow the interview until you arrive at a page titled Do you want to use last year's earned income? Note down your Earned Income tax credit using your 2020 earned income.
- Click on the radio button Yes and enter your 2019 earned income and click Continue
- TurboTax will give you your new Earned Income tax credit using your 2019 earned income
- If the new credit is higher, click Continue to accept it
- If the new credit is lower, click Back to go back to the previous screen and click the radio button No then click Continue.
To use the lookback feature for the Child Tax credit in TurboTax Online, go to the Child Tax credit section.
- In the Search box on the top right of your screen, enter child tax credit and click on Find at the right
- In the search result box, click on Jump to child tax credit
- In this section, follow the interview until you arrive at a page titled Do you want to use last year's earned income? Note down your Earned Income tax credit using your 2020 earned income.
- Click on the radio button Yes and enter your 2019 earned income and click Continue
- TurboTax will give you your new child tax credit using your 2019 earned income
- If the new credit is higher, click Continue to accept it
- If the new credit is lower, click Back to go back to the previous screen and click the radio button No then click Continue.
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It's asking me if I want to use my income from 2019 for our child tax credit or if we want to use income from 2020.. I don't know which I should click
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.
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It's asking me if I want to use my income from 2019 for our child tax credit or if we want to use income from 2020.. I don't know which I should click
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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