The EITC is a credit for certain people who work. You (and your spouse, if you are filing a joint return) and any qualifying children listed on Schedule EIC need valid social security numbers. Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering some questions and providing basic income information. The program will also assist you in determining your correct filing status, determining whether your child(ren) meets the tests for a qualifying child, and estimating the amount of credit you may receive. However, if you were denied the EITC due to a reckless or intentional disregard of the rules, you cannot claim the EITC for the next two years after the denial. If your error was due to fraud, you cannot claim the EITC for the next ten years after the fraud determination. An online system exists to check your qualification and tell you how much you'll get at:http://apps.irs.gov/app/eitc2007/SetLanguage.do?lang=en Basics: You may qualify for the Earned Income Tax Credit, or EITC, if you worked last year, but did not earn a lot of money. EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld. To qualify for the credit, you must: * Have a valid Social Security Number (if you are filing a joint return, your spouse also must have a valid Social Security Number) * Have earned income from employment or from self-employment * Have a filing status other than married, filing separately * Be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return * Not be a qualifying child of another person (if you are filing a joint return, your spouse also can not be a qualifying person) * Not have investment income over a certain amount * Not file Form 2555 or 2555-EZ (related to foreign earned income), and * Have a qualifying child OR: ** be age 25 but under 65 at the end of the year ** live in the United States for more than half the year, and ** not qualify as a dependent of another person If you qualify, the amount of your EITC will depend on whether you have children, the number of children you have, and the amount of your wages and income last year.
The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. Basically, rather than withholding the tax, the money is available with your paycheck.
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Earned Income Credit (EIC) Calculator Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family. This calculator creates estimated values for tax year 2010.
no you may not If you have no earned income, you would not qualify for the earned income credit.
A person no longer qualifies for the Earned Income Tax Credit after age 65. The minimum age requirement is 25.
The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. Basically, rather than withholding the tax, the money is available with your paycheck.
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
eic would probably be referring to the EARNED INCOME TAX CREDIT (EITC) Go to the IRS gov website and use the search box for Earned Income Tax Credit (EITC) The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families.
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Earned Income Credit (EIC) Calculator Earned Income Credit (EIC) is a tax credit available to low income earners. In some cases the EIC can be greater than your total income tax bill, providing an income tax refund to families that may have little or no income tax withheld from their paychecks. Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family. This calculator creates estimated values for tax year 2010.
no you may not If you have no earned income, you would not qualify for the earned income credit.
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,279. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund.Go to the IRS gov website and use the search box for Publication 596 (2009), Earned Income Credit (EIC)
The IRS government site has an earned income tax credit table. Also, Turbo Tax has a good earned income credit table. Turbo Tax will ask questions that will help one determine if they qualify for a credit. Then, one can use their income credit table to see how much credit they can claim.
The EITC is a REFUNDABLE TAX CREDIT. Go to the IRS gov website and use the search box for EITC Home Page The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families.
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
If they have tax exempt income for items such as a Roth IRA, then they do not have a tax burden. Also, it possible with low income and tax credits such as the child tax credit, Hope credit, and earned income credit, so have your total income tax reduced to zero.