If I didn't work in 2006 but worked the following year can I still file for earned income or child tax credit?
2007-01-05 04:29:13 · 4 answers · asked by ? 3 in Business & Finance ➔ Taxes ➔ United States
If you have no earned income in 2006, you can't get the earned income credit for 2006. The child credit is generally non-fundable so you probably won't get anything there either. If you work in 2007 you may be eligible for both depending on your income.
2007-01-05 04:33:44 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
It is great that you know about the earned income tax credit, since so many that are eligible are leaving it unclaimed. Many people still don't know about this credit or they think that it will affect their public benefits (but it won't!). Make sure that you get the full benefit of this credit by staying far away from H & R Block or one of those other commercial places. The IRS has a program called VITA that does free tax preparation for households earning $40,000 or less. They can make sure that you get all your eligible credits, such as the Earned Income Tax Credit, the Child Tax Credit, the Dependent Care Credit, etc.
This is an absolutely FREE service. They can e-file and do direct deposit so that you can get your return back in 7-10 days. There is no need to get a refund anticipation loan, which is really nothing more than a high interest loan where you would be paying to borrow your own money. You have worked hard for your money and you should be able to keep it! To find a VITA free tax site near you, call the IRS at: 1-800-829-1040.
I work with the VITA sites in Nashville and know that it can make a huge difference for working families. www.unitedwaynashville.org/nwba.
2007-01-05 14:54:11 · answer #2 · answered by rachkw81 2 · 0⤊ 0⤋
Did you mean work the preceding year? If you worked in 2005 and didn't file, and are eligible for credits, by all means file now and get those credits. You won't have any penalties if you didn't owe taxes for 2005.
2007-01-05 04:43:42 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
I would advice you make up ypur income(fantasize) Say that you were self employed. If you are single with the child, say you made $7K. In this case you make large faaat refund from government. As maybe your friend may use your ss# on their tax return claiming child care credit(you were a baby sitter). It will help a lot to you and your friends. $7K is the best income level for the single person with a child
2007-01-05 07:37:23 · answer #4 · answered by alikmal 2 · 0⤊ 1⤋