New rules help recent retirees

Not required to file taxes? Maybe this year you should anyway. This year (due to covid), taxpayers are allowed to use their 2019 earnings for the Earned Income Tax Credit (EITC). Also, a brand new law removes the 65 year age restriction and expands the credit for people with no children. This creates a unique situation for certain people, particularly recent retirees. We’ve seen folks qualify for the EITC who otherwise had no reason to file. If you, or someone you know, is not filing taxes this year, but had earnings in 2019, you might want to check it out.