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Submitted By: someone
Answered: March 1, 2021 9:00 pm
Answered: March 1, 2021 9:00 pm
I heard I could use my 2019 earned income instead of my 2020 earned income in figuring my earned income tax credit for 2020. Is this true?
Yes. The Consolidated Appropriations Act, 2021, created a one-year opportunity. Use the prior year’s income if it results in a larger earned income tax credit. But don’t if it results in reducing or barring the credit.
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Tax Glossary
Fiscal year
A 12-month period ending on the last day of any month other than December. Partnerships, S corporations, and personal service corporations are limited in their choice of fiscal years and face special restrictions.
