Maybe. For 2017 filing season, hurricane victims who experienced smaller earned incomes in 2017 can elect to compute their Earned Income Tax Credit (EITC) and Additional Child Tax Credit using their larger 2016 earned incomes. The option could result in a larger tax refund.
The option is limited to individuals who lived in hurricane disaster areas. Hurricane disaster area includes all counties of Florida, Georgia, Louisiana, Puerto Rico, South Carolina, Texas, US Virgin Islands. The 2016 earned income also must be higher than the 2017 income to exercise the income option.
Turbo Tax will ask you when you reach the EITC and Child Tax Credit section if your earned income for 2017 was less than it was for 2016. It will then guide you through the steps to determine if you will benefit from this act.
To get to the Earned income Credit section please do the following:
You must answer the income questions first, as they are needed to calculate your EITC and Child Tax Credit.
Maybe. For 2017 filing season, hurricane victims who experienced smaller earned incomes in 2017 can elect to compute their Earned Income Tax Credit (EITC) and Additional Child Tax Credit using their larger 2016 earned incomes. The option could result in a larger tax refund.
The option is limited to individuals who lived in hurricane disaster areas. Hurricane disaster area includes all counties of Florida, Georgia, Louisiana, Puerto Rico, South Carolina, Texas, US Virgin Islands. The 2016 earned income also must be higher than the 2017 income to exercise the income option.
Turbo Tax will ask you when you reach the EITC and Child Tax Credit section if your earned income for 2017 was less than it was for 2016. It will then guide you through the steps to determine if you will benefit from this act.
To get to the Earned income Credit section please do the following:
You must answer the income questions first, as they are needed to calculate your EITC and Child Tax Credit.