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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
Partnership
An unincorporated business or income-producing entity organized by two or more persons. A partnership is not subject to tax but passes through to the partners all income, deductions, and credits, according to the terms of the partnership agreement.
