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Self-employment income is earned income. If you meet all the requirements of the requirements for the earned income credit, you would claim it on your tax return. For more information, go to irs.gov website and type this in the search box: "Do I qualify for earned income credit." This will give you information about all the qualifications.
Unless you paid federal and state taxes you cannot get a refund. Many people make the mistake of thinking they can file taxes simply to get the earned income credit. They are wrong. It is called the earned income credit because they earned an income. So unless you worked at some point over the prior year you cannot get the earned income credit. And unless you paid taxes in then you have nothing to file or claim.
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
If you have earned income you claim as many as you have for an exemption however for the EIC credit you can only claim 3
You can claim as many dependants you can prove that you did support. However you can only claim the EIC(Earned Income Credit) on up to 3 qualify children.
Self-employment income is earned income. If you meet all the requirements of the requirements for the earned income credit, you would claim it on your tax return. For more information, go to irs.gov website and type this in the search box: "Do I qualify for earned income credit." This will give you information about all the qualifications.
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.
No. You must report income to receive the Earned Income Credit. You must file a tax return to receive the credit, even if you otherwise would not have to. Any amount of the credit over the amount of taxes you owe will be refunded to you.
Unless you paid federal and state taxes you cannot get a refund. Many people make the mistake of thinking they can file taxes simply to get the earned income credit. They are wrong. It is called the earned income credit because they earned an income. So unless you worked at some point over the prior year you cannot get the earned income credit. And unless you paid taxes in then you have nothing to file or claim.
i think you can
Two people can not claim the same child. It's as simple as that. If the judge ordered that he get to claim the child for that certain year. Then he gets to claim him for whatever deductions apply to him.
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
If you have earned income you claim as many as you have for an exemption however for the EIC credit you can only claim 3
You can claim as many dependants you can prove that you did support. However you can only claim the EIC(Earned Income Credit) on up to 3 qualify children.
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.
Yes, expats are also able to claim this credit for a qualifying child or dependent. The normal child care tax credit requirements apply even if you're abroad. ... If you were able to reduce all your taxable income using the foreign earned income exclusion, then you cannot claim the child care credit.
When you meet the rules to qualify for the earned income tax credit you can get $2 of the EITC if you have $1 to $50 of qualified income from the worksheet that comes with the 1040 income tax return.