0
You only received unemployment for 2009 will you be eligible for earned income credit?
Wiki User
∙ 14y ago
Unemployment benefits are not "earned income", so you should not be eligible for earned income credit.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Who is eligible for the earned income tax credit?
If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
How old do you need to be to be eligible for earned income credit?
25
How does one get earned income credit?
Earned income tax credit, or EITC, can be received if certain qualifications are met. Self employed workers and farmers earning less than $50,270 are generally eligible. Reward credits limits are based on the amount of children.
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
Are you eligible for earn income credit if your child was born on septemmber 01 2009?
Yes. If you child is born during the tax year 2009 you are eligible for the earned income credit. However, you must meet the other requirements of the earned income credit.
Is a part time employee in Pa eligible to receive unemployment benefits?
You could be qualified. It depends on the exact amount of hours you worked and the amount you earned.
Is earned income tax credit an itemized deduction?
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.
Can unemployment benefits be used towards earned income credit?
no not in ny . unless you have worked atleast 6 months prior
Is it true that Unemployment compensation benefits received are taxable to the person that receives them?
Yes - because it's classed as 'un-earned income'.
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.
Do you have to file taxes if you make only 3000 dollars?
No but you should. You might be eligible for the Earned Income Credit, and if you had any tax withheld you will get it all back.
How much money do you have to make to be eligible for earned income credit?
If you are a qualified taxpayer for the EITC you can get $ 2 EITC if you have at least $ I but less than $ 50 qualifying earned income if the amount from the worksheet $ 1 to $ 50.
