2007-12-09 06:36:39 · 5 answers · asked by chriskat1100 1 in Business & Finance ➔ Taxes ➔ United States
If you have more than one qualifying child (means basically your dependents under the age 18 (student under 24), do not support themselves, lives w/you) your Adjusted Gross Income (AGI) has to be less than below in order to qualify for EIC.
$37783 Single/Head of Household
$39783 Married filing Jointly
Now AGI is different than your Gross Income (includes all income such as wages, tips and interest income ..) If you have certain expenses such as educator's, health savings account's, moving, student loan, IRA deduction and self employment tax payments, you can adjust your gross income, reduce to below the above limits, you may be able to qualify for EIC.
If you do not qualify for the EIC, do not mess up with it, the chances are, you will end up disqualify for the EIC for 10 years.
2007-12-09 06:52:27 · answer #1 · answered by Q 3 · 1⤊ 0⤋
If you are very aggressive about reducing your income, you may be able to get a little Earned Income Credit.
You would have to max out your 401k or similar plan, plus put the maximum deductible amounts into your IRA, plus do the same for your spouse.
If you can get your adjusted gross income below about $38,000 then you will get some EIC if you meet the other requirements.
2007-12-09 07:48:38 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
No, you make far too much money. Even if you agressively press for AGI adjustments as a few others have suggested, you'll still only be looking at a few dollars at most near the upper limits of the EIC income range.
2007-12-09 07:40:33 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, cutoff for getting EIC is around $38,000. max.
2007-12-09 10:10:25 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No. You make too much money.
2007-12-09 06:38:59 · answer #5 · answered by Anonymous · 1⤊ 0⤋