Just recently, I found out that I qualified for advanced EIC. I filled out the form but my human resources person never processed it because she said that she didn't know what the form was. She just put the form in my file. That being said, the paperwork is just now being processed. I would like to know if I will receive the majority that I qualify for with my next paycheck or would I just get the monthly amount I would receive had I applied earlier. How much will I receive in advanced EIC with this being the end of the year?
2007-12-06 13:09:35 · 3 answers · asked by Tmeda 2 in Business & Finance ➔ Taxes ➔ United States
Will I receive what I would have gotten throughout the whole year or will I just receive only the amounts per paycheck. Although I am entitled to about $1500, will I receive the full amount before the year ends or will I lose out on the advance EIC and have to receive the rest during income tax time in 08'?
2007-12-07 00:58:22 · update #1
The maximum advance EIC is $1,500 per year. You need to submit a new W-5 each year so the one you filed will cover the next 2 or 3 paychecks only. You can get up to about $29 per week in advance EIC, that's all.
2007-12-06 14:49:02 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The W-5 only applies to future paychecks.
Keep in mind that when you do your taxes, the total you receive during the year is added back to your tax return. As long as the actual EIC you receive is more than that amount, you'll be fine.
2007-12-06 21:19:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will get what you are entitled to for each pay period. When you file your tax return, you will get the rest. File early.
2007-12-06 21:13:23 · answer #3 · answered by Anonymous · 1⤊ 0⤋