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posted Feb 25, 2021 12:38:48 PM

Its asking me if I want to use my 2019 earned income instead of 2020. I was laid off in 2020 from covid so 2019 is more. Will I get in trouble if I use 2019 not 2020?

My earned income is greater for 2019 because I was laid off from covid in 2020 can I really chose this option or will I have to pay it back

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2 Replies
Level 15
Feb 25, 2021 12:41:13 PM

Yes it's ok.  

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.

 

 

You can look back and use your 2019 income for the EIC credit instead of 2020.  See this post  https://ttlc.intuit.com/community/taxes/discussion/i-m-at-a-section-asking-me-do-you-want-to-use-last-years-earned-income-what-do-i-do-here-and-why-am/00/1829847

Level 15
Feb 25, 2021 12:41:38 PM

The CARES act made this possible.

 

Many people had lower incomes during the pandemic in 2020 due to reduced work hours, layoffs, etc.  Or they received unemployment benefits.   These factors affect how much earned income credit and additional child tax credit you can get on your 2020 tax return and affect your 2020 refund.

 

There is a “lookback” option that allows you to use your 2019 amounts for earned income credit or child tax credit.   You can choose whether to use your 2019 amount or your 2020 amount.  Choose whichever amount gives you a better tax refund for your 2020 refund.

 

You can see this and choose in the earned income credit section  in Deductions and Credits. 

 

You still MUST enter all of your 2020 income into your 2020 tax return, including any unemployment you received.

 

Please follow these steps in TurboTax:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type "EIC"
  3. Click on “Jump to EIC”
  4. Answer the questions until you reach the screen "Do you want to use last year’s earned income?"
  5. Note your current refund amount using your 2020 earned income at the top of the screen.
  6. Click "Yes", enter your "2019 Earned Income" if the field is blank and click "continue".
  7. Compare the new refund amount using your 2019 earned income with the previously noted refund amount using your 2020 earned income.