![]() ![]() If your 2019 earned income is higher than your 2020 earned income, and results in a higher credit, the lookback allows you to use 2019 earned income to calculate the 2020 earned income credit. 2020 stimulus bill lets taxpayers claim this valuable credit – even if your income was higher in 20. Good news for your 20 tax returnsĪ special “lookback” rule in the Dec. This credit is highly valuable and is often missed-allowing you to keep more of your hard-earned money. The Earned Income Credit (EIC), otherwise known as Earned Income Tax Credit (EITC) is a valuable credit for low-income taxpayers who work and earn an income of a certain amount. Editor’s note: This article has been updated to reflect updates to the Earned Income Credit from the American Rescue Plan Act of 2021. ![]()
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