Turbotax certainly knows how to calculate EITC. There have been some yearly tax changes to EITC due to the pandemic that are mostly settled down as far as I know, so Turbotax probably calculates it correctly.
What it may or may not do is tell you whether you've received max EITC and if not, why not. Of course, you can fiddle with the numbers and figure out if it's AGI or earned income that is too high or too low. If you want to do tax planning, you'd want to do some proforma tax returns around Thanksgiving, which is when the first, possibly buggy, versions of tax software are available.
Since EITC is a fairly widespread credit and it makes a big difference to those who receive it, I would guess that Turbotax probably tests it pretty well before they release their first version of the tax year.
What it may or may not do is tell you whether you've received max EITC and if not, why not. Of course, you can fiddle with the numbers and figure out if it's AGI or earned income that is too high or too low. If you want to do tax planning, you'd want to do some proforma tax returns around Thanksgiving, which is when the first, possibly buggy, versions of tax software are available.
Since EITC is a fairly widespread credit and it makes a big difference to those who receive it, I would guess that Turbotax probably tests it pretty well before they release their first version of the tax year.
Statistics: Posted by secondcor521 — Fri Aug 30, 2024 6:44 pm