24 years old, 6 year old son, 12k income, Earned Income Credit????

Question

I am 24 years old and I made about 12k last year and have a 6 year old son. Also I got a 1098T from my school that I "paid" 15k for college(I said "paid" because of most of that is loans!)

Is it true that I CANT get the EIC because I am under 25? Is there any other type of credit for me?

Answer 1

With just 12k in income, you pretty much will have no tax liability for the year. Anything you may have paid in through federal tax withholding should come back to you as a refund. You won't get much benefit from the child tax credit since your tax liability after the education credit (or tuition deduction), standard deduction for head of household, and personal exemptions will wipe out your tax liability. Since you have a qualifying child, you can get the EIC, so whatever the EIC works out to be, you will get that as a refund since it is a refundable credit.

Answer 2

The age limit of 25 is for people without a qualifying child, so doesn't sound like it applies to you.

For $12K income, one qualifying child, EIC would be $2747.

Answer 3

this is maximum suitable. The Earned earnings credit is meant to be a earnings to working mom and dad helping their relatives on an rather low earnings. it is not meant to be an advantage to youthful single human beings. whether you have been age 25 or older, you does no longer qualify. A single guy or woman without childrens would desire to earn decrease than $13,440 to qualify.

Answer 4

There is no age limit on the EITC as long as you have a qualifying child in your home. The age 25 rule is only for taxpayers without a qualifying child.

Answer 5

There's no age limit on the EIC.