Deducting expenses you racked up during your education can offer a little bit of a break at tax time. Certain educational expenses qualify while other do not. The general rule is that “qualifying” educational expenses include money you paid for tuition and other fees for an eligible student. While that seems like it covers a […]
— Read moreMany seniors receive Social Security benefits as part of their income, however whether or not those benefits are taxable is reliant on any other benefits or income received throughout the year. Monthly retirement, survivor, and disability benefits are all included in Social Security income, although supplemental security income (SSI) benefits are non-taxable and therefore not […]
— Read moreOnce you’ve passed all the other requirements to claim the Earned Income Tax Credit, including understanding what counts as earned income, all that’s left is to understand the income limits. The limitations increase each year, and are dependent on the number of qualifying children and your filing status. For 2015 the Earned Income Tax Credit […]
— Read moreYou need to have lived in the United States for over half of the year in order to claim the Earned Income Tax Credit. For the purposes of the credit, the residency test includes any of the fifty states and the District of Columbia. Puerto Rico, Guam, and other U.S. possessions and territories are not […]
— Read moreIf you want to claim the Earned Income Tax Credit, you cannot be a qualifying child of any other taxpayer. You’re considered a qualifying child if you’re: a son, daughter, stepchild, foster child, or descendant of those a brother, sister, half-sibling, step-sibling, or a descendant of those AND You’re under the age of 19 at […]
— Read moreThe Earned Income Tax Credit requires that you aren’t a dependent of another person if you wish to claim it. Single filers meet this test if box 6a on a Form 1040 or 1040A is checked, or if you don’t check the box listed as “You” on line 5 of a Form 1040EZ, and you […]
— Read moreThe Earned Income Tax Credit is available to taxpayers who are between the ages of 25 and 64. Only one person in a married couple who files jointly is required to meet the age test, but it doesn’t matter which spouse. If neither you, (or your spouse if married) are between the age of 25 […]
— Read moreYou cannot be a qualifying child of another taxpayer if you want to claim the Earned Income Tax Credit on your own tax return. A qualifying child is one who meets all of the following requirements: Is a son, daughter, stepchild, foster child, or a descendant of any of them Is a brother, sister, half-brother, […]
— Read moreA big part of the Earned Income Tax Credit relates to how many qualifying children, if any, you have. In some cases, a qualifying child may meet the requirements to be claimed by more than one person. If this occurs, only one taxpayer can claim the child. That means that in order to claim the […]
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