0
Do you have to pay federal taxes if you get eic through out the year?
Wiki User
∙ 13y ago
You will HAVE to file your 1040 federal income tax correctly and completely for this purpose when you have received some advance EITC payment through out the year.
When you get to the last lines on your 1040 federal income tax return you will know the correct answer if you end up with an amount on the LINE AMOUNT YOU OWE.
W-2 Box 9. Enter this amount on the advance earned income credit
payments line of your Form 1040 or Form 1040A.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can i receive the earned income tax credit if i was self employed and have not yet paid taxes?
Self-employment income does qualify as earned income for the credit. If you have children, the EIC is often more than the self-employent tax you owe. This year, it can also qualify you for the Stimulus money.
Is Advanced earned income extra pay by the employer?
It is an extra amount that you will receive in each pay check during the year. And advance means you are receiving some of the EIC amount before the end of the year so when you file your income tax after the end of the year your EIC amount will be reduced on your income tax return when it is completed by the amount that you received during the previous year as an advance payment.
Earned Income Credit (EIC) Calculator?
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.
Is it unusual to owe more state income tax than federal income tax?
It depends on what you mean by "owe." If you mean the amount you have to pay at the end of the year in addition to your withholding, it is not at all unusual. The amount withheld is only a rough estimate of what you might owe in taxes and controlled by the W-4 form and the equivalent state form. Few people know how to accurately fill out either form, so all sorts of funny things happen. If you mean your liability before withholding, it is kind of unusual, since generally state tax rates are much lower than federal rates. But the federal government does have all sorts of tax breaks for low income filers (EIC, child tax credits, etc) that can sometimes eliminate or nearly eliminate federal taxes, so it is quite possible for that to happen.
What is the difference between single or head of household in federal taxes?
Its not really a choice...if you qualify as head of household...but you must qualify...it's better. If you qualify, filing Head of Household enables you to greatly lower your tax liability by applying exemptions to lower your taxable income amount. If you also have a qualifying dependent, you may be eligible for an (EIC) Earned Income Credit.
Does a baby have to be 6 months old to claim on taxes?
no your baby can be one year old and still be claimed on your taxes according to the IRS if a baby is born in the year even on the last day it is claimable for eic
Who can claim a qualifying child for the EIC after divorce is not specified in divorce agreement?
The child that the child actually lives with for most of the year can claim the EIC on the child. If the divorce agreement specifies that a non-custodial parent can claim the child on his or her taxes, it does not mean that he or she can claim the EIC on the child. EIC is not granted in court orders. To claim EIC, you must pass the age, relationship, and residency requirements. If the child does not actually live with the non-custodial parent for most of the year than the non-custodial parent may NOT claim the child.
If EIC earned income credit is more than refund can student loans take your taxes Bankruptcy and other agencies cannot take your tax refund when eic is greater in amount than that of the refund?
Any federal or state agencies (including student loan and child support) have the right to take any amount due from your refund. It has nothing to do with EIC and they have the right to take the whole refund you are due if you are in default or have a judgment against you.
Do you get the eic in Florida?
The Earned Income Credit is eligible to citizens in all 50 states when filing their yearly federal income tax return. There are eligibility requirement to meet the test for receiving EIC. http://taxresolutionaries.blogspot.com
I just got married in 08 do i have to file my taxes jointly can i file separate from my husband i am afraid if i file joint i won't qualify for eic?
You can file as "married filing jointly". However , I don't know how being married may yet effect EIC.
If you received unemployment all year can you get the child tax credit?
just went and did our taxes..my husband was on unemployment all year with no earned income and we didnt qualify for EIC or Child tax credit and have a 18 month old son. sucks but whos gonna take on the IRS
Can i receive the earned income tax credit if i was self employed and have not yet paid taxes?
Self-employment income does qualify as earned income for the credit. If you have children, the EIC is often more than the self-employent tax you owe. This year, it can also qualify you for the Stimulus money.
Is Advanced earned income extra pay by the employer?
It is an extra amount that you will receive in each pay check during the year. And advance means you are receiving some of the EIC amount before the end of the year so when you file your income tax after the end of the year your EIC amount will be reduced on your income tax return when it is completed by the amount that you received during the previous year as an advance payment.
When did eic started?
in 1600
You are a custodial parent of two boys They both have lived with you the entire year Can you receive EIC if your earnings were only 935.00 for the entire year?
Yes you can, but it will only be around $370.00.
Earned Income Credit (EIC) Calculator?
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.
Is it unusual to owe more state income tax than federal income tax?
It depends on what you mean by "owe." If you mean the amount you have to pay at the end of the year in addition to your withholding, it is not at all unusual. The amount withheld is only a rough estimate of what you might owe in taxes and controlled by the W-4 form and the equivalent state form. Few people know how to accurately fill out either form, so all sorts of funny things happen. If you mean your liability before withholding, it is kind of unusual, since generally state tax rates are much lower than federal rates. But the federal government does have all sorts of tax breaks for low income filers (EIC, child tax credits, etc) that can sometimes eliminate or nearly eliminate federal taxes, so it is quite possible for that to happen.
