I know I didn't receive more than 7k and I have 2 children. Even though Ididn't technically work, do I still receive the EITC since they still collected taxes on my UE? I was a student for the remainder of the year. Even though I didn't pay on my loans, can I take the education credit?
2007-01-16 05:54:46 · 4 answers · asked by born2bfree 3 in Business & Finance ➔ Taxes ➔ United States
Ahh interesting.
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Perhaps you need to remember if you had that baby sitting job for your friend at $35 per week for 2 weeks.
You may have forgotten that earned income of $70.00 that you didn't think you needed to include.
This $70 or $35 is earned income and as such qualifies you for the EITC.
The Unemployment compensation is shown on your income tax return as reportable income.
Yes you may determine child credits - and EITC - based on your income which may be what you forgot to include.
I've found that those with children on unemployment compensation, try to take care of an additional child for a week or two, but sometimes it does not work out. The stress of not working does not make you want to baby sit.
They still must report this $35.00 or $70.00 of income and that is what triggers you for this EITC and for 2 children it can be worth a few thousand dollars coming back for you to raise your children - which is what the law was designed to help you,- which is a cash credit coming back to you!
GOD bless us, always
CPA-retired
2007-01-16 06:10:40 · answer #1 · answered by May I help You? 6 · 0⤊ 1⤋
Unemployment does not count for EITC. You need to have wages or self-employment income.
Assuming that you paid tuition in 2006, you would still receive the education credit. If you are considered in default on the loans though, the IRS will keep any refunds.
2007-01-16 06:01:56 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
Unemployment comp does not qualify as "earned income" to get the EIC.
If you are otherwise qualified for education credits, the fact that you didn't pay on student loans won't change that.
2007-01-16 06:45:32 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You can get a free estimate through www.shaydzofluv.com
You should be able to still recieve the EIC and claim your education credits. You should be fine.
2007-01-16 14:15:11 · answer #4 · answered by shaydzofluv 2 · 0⤊ 0⤋