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Timothy Flacke, Commonwealth Executive Director and Co-Founder, joins Yahoo Finance’s Kristin Myers to break down how some families can score a bigger tax refund this year.
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Dayum, the host is a dime piece
Nah fr lmao
what happens when you dont have a 2020 w2 because of covid? Right now it seems like the E-file option is no longer possible when using 2019 earned income for 2020.
do you use unemployment in combination with your earned income from 2020? or is it strictly wages earned?
Unemployment income is not considered “earned income” for the rules relating to the EARNED income credit. 2020 Taxes You include all income including unemployment for tax liability but the unemployment income is not included for purposes of EIC.
@Andie S So does that mean if a person tried to get the EITC, they would have had to work and earn at least $1 for 2020. My brother already had unemployment starting Dec 2019 so he didn’t work at all in 2020. I think he’s not eligible for it.
Yes, include it
Talk to a CPA
I didn’t know about the look back rule and already filed. Can I fix this in the future and claim the rest of the refund.
Yes you can amend the tax return you already filed.
note: you cant do this if you’ve not been employed to receive w-2 during 2020. so if you’re not a w-2 employee in 2020 you cant use this rule. i’d like to see tax law passed stating that states issue a w-2 of some kind to UI claimants instead of the 1099GS because states have in essence taken the place of an employer and tax UI benefits as employers do their employees ..so long term recipients qualify for all deductions and benefits.
Cant wait get mine and get away
Get far away like South Pole 😜
Pay someone so it’s coverd
Im waiting on my 1200 from a month ago and whatever im getting for filing for 2020
Broke back Mountain rule .and your all getting it from DC
I filed last month on the 25th
When I did my taxes, its asking you to only state how many days you’ve been out of work (April 2020)until December. Which for some of us, March, but hopefully if you don’t do your own taxes, a professional can explain it better. Sadly, it has to be mailed in, not electronically filed
I used Turbo Tax, if it turns out that you don’t qualify for the Earn Income Tax Credit, it will ask you if you want to check and it will do it for you.
Why are taxes so complicated and why arent they paid monthly like all other bill’s we pay?