Do young people just not need tax relief? I'm 19 and last year i made $3,600 and i have to pay $530 in taxes on it. Its just silly that i should not be able to claim a tax credit designed to help low income people pay their taxes.
2007-02-13 05:56:44 · 7 answers · asked by Aaron P 2 in Business & Finance ➔ Taxes ➔ United States
Usually, when you are 25, you are still considered a dependent of your parents because you are in school and the such. (They can claim you until you are 24 if you are in school)
There is good news though, under certain circumstances, if you have a qualifying child you can claim EITC and be under 25.
2007-02-13 06:02:21 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋
The only way you would owe $530 would be if you were self-employed you do not actually owe federal income tax but social security and medicare.
You do not owe any federal income tax on the earnings of $3,600 if you have an employer. And if you did not have any federal income tax withheld then you do not even have to file taxes.
As you read the other entries it will show why EITC was placed in the tax system
2007-02-19 10:12:18 · answer #2 · answered by T D 2 · 0⤊ 0⤋
The EITC was originally designed to help low-income families with young children. It was recently opened up to provide a SMALL credit for adults over 25.
Like everything that the IRS does, it's based in law as passed by Congress. If you don't like the law, complain to your representatives in Congress.
2007-02-13 06:08:46 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Because the government cannot decide when in fact young adults actually become accountable for themselves. Flips back and forth. When a young person is over the age of 18 and less than 26 the legality of accountability flips all over the place. If they create an illegal act after age 18, they are accountable as though they are an adult but they cannot drink until 21. If they need medical care, parents are expected to take care of it through their healthcare plans, If in the service, they are treated as an adult. If requesting student loans...nope, not an adult anymore.....if working and trying to support oneself, no tax credit because government believes parents should be helping them... And our society wonders why many adult children at age of 25-30 are unable to be dependent and still rely heavily on parents for support as they move into their 30s or 40s. Crazy!
2015-03-15 10:47:13 · answer #4 · answered by Sue 1 · 1⤊ 0⤋
Yes, you can qualify earned income credit.Must have an dependant that has resided with you in the year you are filing for.
2016-05-24 05:48:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
my concern is you only earned 3600.00 and you had a tax liability of 530.00 it sound to me as if you did not take your standard deduction in which you are entitled standard deduction for 2006 =5150.00
2007-02-14 06:51:38 · answer #6 · answered by amazed 3 · 1⤊ 3⤋
stop claiming yourself on w2 with employer, claim 0 myself then at end of year i claim 1 i always get money back, get greedy durring the year and you SHOULD expect to pay at the end of year so no i dont see that you should get that credit
2007-02-13 06:06:29 · answer #7 · answered by glavendale 4 · 0⤊ 3⤋