Trending News
16 Jan 2021

Blog

Your 2020 tax returns: New rule helps those who lost jobs in 2020 qualify for key tax credits
Lifestyle

Your 2020 tax returns: New rule helps those who lost jobs in 2020 qualify for key tax credits 


Many lower-wage workers who are raising families bank on receiving a healthy, four-figure tax refund, likely their biggest single check of the year, when they claim the Earned Income Tax Credit on their income tax returns. 

But what happens if you ended up being out of work much of 2020 during the pandemic? Are you suddenly shut out of the earned income credit, which as the name implies requires that you work and earn money? Will you now see hundreds or even thousands of dollars disappear from your tax refund? 

Millions of struggling families would have faced just that sort of financial nightmare this spring if not for an 11th-hour action by Congress late in December.

The latest COVID-19 economic relief package, signed by President Donald Trump on Dec. 27, created a special break for obtaining the earned income tax credit after the economic upheaval in 2020. 



Related posts

Leave a Reply

Required fields are marked *