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.
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.
That's impossible to answer. It depends in part on your tax bracket. It depends on what tax credits the additional dependent might make you eligible for: child tax credit, additional child tax credit, EIC. At one extreme, you may get nothing back. On the other extreme, you may get thousands.
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 there isn't. If they fulfill the requirements to be dependents, you can claim them regardless of your income. However, if you don't owe any taxes, don't qualify for EIC, and don't qualify for the Additional Child Tax Credit, it probably won't do you a whole lot of good.
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 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 EIC if you have the filing status 'married filed separately'.
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.
When making an EIC (Earned Income Credit) decision, factors such as income level, filing status, number of qualifying children, and eligibility for other tax credits should be considered. It is important to accurately report income and meet all eligibility requirements to claim the EIC.
You can not both claim her. If he stops claiming her then you can.
If it states in the divorce that you can claim 1 of then children each year then you can get the Child Tax Credit and whatever else extra for that child. There may be certain forms you need to fill out or have the other parent fill out to make it happen.
That's impossible to answer. It depends in part on your tax bracket. It depends on what tax credits the additional dependent might make you eligible for: child tax credit, additional child tax credit, EIC. At one extreme, you may get nothing back. On the other extreme, you may get thousands.
The only way your ex-husband can claim your child, regardless of what the divorce decree states, is if you agree to it by filing Form 8332. To find out more visit the IRS website or call them directly. They are very informative and helpful in these situations.
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.
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