Earned income credit for workers
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How much is the amount you can make before you don’t get the earned income credit? —
Matt
There are several limitations on income for the purpose of qualifying for the earned income credit, or EIC. EIC is a tax rebate to certain low-income workers. To qualify for EIC you’ll have to have worked, and your wages, and/or self-employment income and other income have to be below certain limits. If you do not have a qualifying child, you must be at least age 25 but under age 65 at the end of 2007. Your investment income must be less than $2,900. Investment income is principally income from interest, dividends, capital gains and net rents. Royalties and passive activity income are also considered investment income. Adjusted gross income & earned income must be less than: • $37,783 ($39,783 for married filing jointly) if you have more than one qualifying child. • $33,241 ($35,241 for married filing jointly) if you have one qualifying child. • $12,590 ($14,590 for married filing jointly) if you do not have a qualifying child. The 2007 earned income credit tables begin on Page 44 of
. Even if you are not required to file a tax return because of low income, you need to file a return if you want to claim the EIC. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances. To ask a question on Tax Talk, go to the ”
” page, and select “taxes” as the topic.
Related Links: Related Articles: SHARE: George Saenz
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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Matt
There are several limitations on income for the purpose of qualifying for the earned income credit, or EIC. EIC is a tax rebate to certain low-income workers. To qualify for EIC you’ll have to have worked, and your wages, and/or self-employment income and other income have to be below certain limits. If you do not have a qualifying child, you must be at least age 25 but under age 65 at the end of 2007. Your investment income must be less than $2,900. Investment income is principally income from interest, dividends, capital gains and net rents. Royalties and passive activity income are also considered investment income. Adjusted gross income & earned income must be less than: • $37,783 ($39,783 for married filing jointly) if you have more than one qualifying child. • $33,241 ($35,241 for married filing jointly) if you have one qualifying child. • $12,590 ($14,590 for married filing jointly) if you do not have a qualifying child. The 2007 earned income credit tables begin on Page 44 of
. Even if you are not required to file a tax return because of low income, you need to file a return if you want to claim the EIC. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances. To ask a question on Tax Talk, go to the ”
” page, and select “taxes” as the topic.
Related Links: Related Articles: SHARE: George Saenz