I have 2 children that I recieved earned income credit for. If my boyfriend and I were to get married would I loose all my tax money or would it be about the same??
2007-10-22 08:19:39 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The EIC is based on the earned income on the tax return. Married taxpayers get a slightly higher credit for the same income as unmarried taxpayers, plus they have a slightly higher income limit and can still qualify for the credit.
As a married taxpayer with a child, you may receive EIC if your earned income is under approximately $34K. As an unmarried taxpayer with a child, you may receive EIC if your earned income is under approximately $32K.
The EIC starts low for low income, reaches a maximum, and then starts to decrease toward the upper income limit. Depending on your combined incomes, you may receive more, or less, tax benefits for your child than when you filed as unmarried.
The Child Tax Credit and Additional Child Tax Credit are also affected by the income on the return, but do not vary the same as the EIC. You may receive more or less of these credits as well.
2007-10-22 10:17:08 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
No way to tell - it depends on how much your boyfriend makes. If you get married, you could file a joint return or file as married filing separately. If you file separately you don't get EIC. Depending on how much each of you makes, your EIC could go up, go down, stay about the same, or could be eliminated entirely if your combined income is too high.
2007-10-22 11:37:45 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It depends how much money he makes. If his income is low enough, you will still qualify. Marriage does not disqualify you from the credit. I wouldn't let a few thousand dollars discourage you from marrying someone you love, though!!
2007-10-22 08:29:11 · answer #3 · answered by MB 3 · 1⤊ 0⤋