2007-03-14 03:22:07 · 6 answers · asked by belinda_130 1 in Business & Finance ➔ Taxes ➔ United States
My only income is from 1099 misc which is over 38,000 but with my total expenses bring it down to $26,000. I did the schedule c but when doing the form b to see if i quailfy for EIC its a "no". Does that mean I dont qualify for EIC?
2007-03-14 04:59:37 · update #1
If you're saying that your business-related expenses bring the gross income of $38,000 down to $26,000 net income on your schedule C, then if you have one or more qualifying children, you should be eligible for EIC. Without a qualifying child, you would not be eligible.
Recheck what on the EIC schedule is telling you that you can't take it, and make sure you're answering the questions right.
2007-03-14 08:40:54 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The way I am reading your question is that you have received a 1099-MISC for $38,000 but you have total expenses that would reduce the income on your schedule C to $26,000.
The answer is yes you can qualify for the Earned Income Credit. As a word of warning people with either a Schedule C or EIC are often audited and you will have both. Make certain you keep track of all your earnings and deductions to make yourself audit proof. There are a lot of scams that involve this type of scenario.
2007-03-14 03:49:40 · answer #2 · answered by jks_mi 3 · 2⤊ 2⤋
sure, you're properly suited. you may enter "12" on line 6. the area of that's to be sure that a new child who has been alive for a whole year spends a minimum of a million/2 the year with you. Congress and the IRS intend which you will count quantity a new child who replaced into born in 2007 and has lived with you the full time. this is the area of that "exception to the guideline." So sure, you're properly suited...that youngster is a "qualifying new child" for applications of EITC.
2016-12-14 18:51:02 · answer #3 · answered by ? 4 · 0⤊ 0⤋
If after completing form B of the worksheet it has been determined that you can not claim the EIC, then No you can not claim it as you do not qualify.
2007-03-14 05:08:28 · answer #4 · answered by Anonymous · 1⤊ 0⤋
What I think you're trying to say is your gross income on your W2 form is 26,000.00 dollars and when you add your 1099 (INT, DIV etc) your total income is over 38,000.00 dollars. The answer to question is: no you do not qualify for the Earned Income Credit because your total income is more then 32,000.00 dollars.
P.S. I hope that is what you're trying to say because you made my frontal lobe "hurt'. I know it sounds odd if you are making 50% of your regular (work) income on your investments.
2007-03-14 03:29:13 · answer #5 · answered by Anonymous · 1⤊ 2⤋
That's mathematically impossible. You can't be over $38,000 and under $26,000.
2007-03-14 03:26:12 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 1⤋