Taxes: Why the new ‘look back rule’ could mean a bigger refund

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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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20 thoughts on “Taxes: Why the new ‘look back rule’ could mean a bigger refund

  1. Super Crazy Peanut Butter Dave Reply

    Dayum, the host is a dime piece

    • DAIVEON BROWN Reply

      Nah fr lmao

  2. Vince Reply

    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.

  3. junky9 Reply

    do you use unemployment in combination with your earned income from 2020? or is it strictly wages earned?

    • Andie S Reply

      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.

    • Diane Celento Reply

      @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.

    • MzCatherine Valkyrie Reply

      Yes, include it

    • You Fool Reply

      Talk to a CPA

  4. Brenda De olmos Reply

    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.

    • Andie S Reply

      Yes you can amend the tax return you already filed.

  5. Yashi Stampedes Reply

    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.

  6. Trinity Caldwell Reply

    Cant wait get mine and get away

    • Randy Katterson Reply

      Get far away like South Pole 😜

    • Trinity Caldwell Reply

      Pay someone so it’s coverd

  7. Rita Kasparian Reply

    Im waiting on my 1200 from a month ago and whatever im getting for filing for 2020

    • Randy Katterson Reply

      Broke back Mountain rule .and your all getting it from DC

  8. Rita Kasparian Reply

    I filed last month on the 25th

  9. MzCatherine Valkyrie Reply

    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

  10. Irma Vera Reply

    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.

  11. William Penn jr. Reply

    Why are taxes so complicated and why arent they paid monthly like all other bill’s we pay?

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