Tag Archives: Earned Income Tax Credit
Although most Americans are required to file a tax return, there are cases where some taxpayers aren’t required to file. However, it may be in your best interest to file, even if you don’t necessarily have to. If you made estimated tax payments or had federal income tax withheld from your paycheck, you may be […]
— 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 […]
— Read moreOnce you’ve met the first seven rules to qualify for the Earned Income Tax Credit, there a few more you’ll have to be aware of and use to determine your eligibility. A large part of the EITC relates to whether or not you have a qualifying child. There are four requirements that your child must […]
— Read moreIt may seem obvious, as this rule is stated in the name of the credit, but in order to claim the Earned Income Tax Credit, you must have earned income from working. Couples who are married will meet this requirement if they file a joint return and at least one spouse has income from working. […]
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