Asked in Credit and Debit CardsDebt CollectionIncome GarnishmentCreditUnemployment
Credit and Debit Cards
In Michigan can unemployment compensation be garnished for credit card debt?
July 04, 2010 7:30PM
According to the Related Link below, your unemployment benefit cannot be garnished before receiving it but, apparently the account it's deposited in, can be, especially if it is commingled with other funds.
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Asked in Taxes and Tax Preparation, Unemployment
Does unemployment compensation wages affect earned income credit on your taxes?
Yes, it can. However, it cannot help you, only hurt you. First of all, for 2009, the first $2,400 of unemployment compensation is not taxable, so it doesn't affect your taxes in any way. Above $2,400, it is taxable and increases your AGI (adjusted gross income). The earned income credit (EIC) phases in at 40% of earned income until it reaches the maximum credit. (See the IRS link below for specific amounts.) Unemployment compensation does not count as earned income, so it does not increase your credit. After you max out the credit, it starts to phase out as your income increases. The income amount used here the greater of your earned income or your AGI. Therefore, if your AGI is made up only of earned income and unemployment compensation, your EIC will be reduced because of your unemployment compensation. There are many other items than can increase or decrease your AGI, including interest income, IRA contributions or withdrawals, student loan interest, and many more. So you could potentially offset the unemployment compensation with other deductions from AGI, such as contributing to an IRA. (Of course, you probably don't have the cash for that if you're collecting unemployment.) Here is a link to the EIC figures for 2009 (at the bottom of the page): http://www.irs.gov/individuals/article/0,,id=150513,00.html ***** Unemployment does NOT count towards your EIC because it is not EARNED. Your UC is applicable to federal taxes only. The IRS EIC calculator takes UC into consideration although it is not correct.
If your only income for the year is unemployment can you file taxes and still get a refund?
Anyone can file taxes. You can only get a refund if you overpaid taxes during the year or qualify for some refundable tax credit such as the Earned Income Credit or the Additional Child Tax Credit. The most likely reason you might get a refund would be if you had taxes withheld from your unemployment compensation.
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Asked in Loans, Credit and Debit Cards, Banking
Can a person on a fixed income wages be garnished?
A person on fixed income wages can be garnished. The reason I know is because my friends father got his wages garnished because he borrowed to much money on his chase card. Her father has to pay back 35,000: that includes intrest. My advice is to not get a credit card and if you get a credit card, only use it for emergencies only because you do not want your wages garnished when you already have a fixed income.