I was wondering how much you could make and still qualify for that bonus the government gives out. My wife didn't really make anything this year, less than 3,000 dollars total for the year, and I heard that in the governments eyes that means we are living off basically my income alone so they give you a bonus. Does anyone know about how much that usually is, and what is the maximum you can make and still qualify?
2007-01-25 09:05:06 · 9 answers · asked by will 1 in Business & Finance ➔ Taxes ➔ United States
What bonus are you talking about?
2007-01-25 09:10:12 · answer #1 · answered by Blunt Honesty 7 · 1⤊ 0⤋
Are you talking about the Earned Income Credit? If so there are many determing factor to qualify, Do you have children, if so how many. What is the total amount of Earned Income for your household, what is your filing status. Your best bet to get the answer to your question is to call the Internal Revenue Service, they will ask some basic questions and will be able to help determine if you qualify and what forms to fill in if you do.
Call 1-800-829-1040
2007-01-25 17:21:50 · answer #2 · answered by Rob 7 · 0⤊ 0⤋
That information is in the tax booklets that are available at the post office, a bank, or most public libraries. There is no "bonus", but there is a low income tax credit that is based on your combined income. The fact that your wife only made $3,000 does not automatically make you elligible for this credit. Your income and your wife's income are counted together. You earn as a family. There is no individual contribution factor involved.
2007-01-25 17:12:58 · answer #3 · answered by fangtaiyang 7 · 1⤊ 0⤋
If you are talking about Earned Income Credit then I think it maxes out this year at 30 some thousand. It is also based on how many dependents you have. Google the 2006 EIC table and it will tell you. You really should talk to a tax preparer about what you qualify for.
good luck
2007-01-25 17:14:01 · answer #4 · answered by Should be Working! 4 · 0⤊ 0⤋
The closest I can guess the to "bonus" is that Married Filing Jointly is taxed at lower rates than Married Filing Separately. If this is what you mean, there is no limit. All married couples have the option of filing jointly. If you mean the EIC others have mentioned, being married is not a requirement, but having at least 1 child is.
2007-01-25 17:25:46 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
If you're talking about the EIC, it's the TOTAL income between the two of you that counts. With one child, you can qualify for the EIC if you make under a little over $36K - with two kids or more, it's a little over $38K. With no kids, the limit is $14,120.
2007-01-26 01:12:13 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You might be talking about earned income credit. Check online IRS site.
2007-01-25 17:13:01 · answer #7 · answered by ra63 6 · 0⤊ 0⤋
Whachu talkin' 'bout, Willis?
Bonus??? HuH???
2007-01-25 17:18:00 · answer #8 · answered by Anonymous · 1⤊ 0⤋
That bonus is called IRAQ. Sorry
2007-01-25 17:13:31 · answer #9 · answered by Nort 6 · 0⤊ 3⤋