Question

Amending

Forum|Forum|5 years ago
March 18, 2021
1 reply
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I recently filed my taxes without knowing about the new special law allowing you to use your number from last year, will I be able to amend and change my numbers to those?

MaryM428

Yes, you will be able to amend your return and use the "look back " option. The "look back" option allows you to use your 2019 earned income to compute the Earned Income Credit and the Child Tax Credit. You will still enter your 2020 income. Then you can decide to use your 2019 income to computer the EIC and Child Tax Credit if that is more beneficial to you this year.

Amend will be available in TurboTax in late March.

When you amend your return, here are the steps to follow for the "look back option":

Type EIC in the search and select the Jump to.

Continue with the onscreen interview until you get to the Do you want to use last year's earned income? screen.
Continue with the onscreen interview until complete.

The "lookback" rule allows taxpayers to use either their 2019 or 2020 income, whichever is most beneficial, in order to get the most out of the Earned Income Tax Credit and the Child Tax Credit. These are considered the two most valuable tax credits for low- and moderate-income working families.