EIC Work Income Credit Presentation Program: Are you wondering if you should apply for the Earned Income Tax Credit (EIC) or EITC (for its acronym in English)? Learn about all EIC qualifications and qualifications, such as the IRS Earned Income Tax limits for investment income and whether or not you will need to submit the IRS Program EIC in this useful TurboTax tax advice video.
Start of TurboTax:
Hello, I'm Arye from Turbo Tax. Do you wonder if you should apply for the tax credit for earned income? Ask yourself some questions.
One: Does your income meet the IRS threshold for your marital status? You must ensure that both your adjusted gross income and your earned income are more than zero, but less than the limits set by the IRS to qualify.
There are different thresholds according to your marital status and how many children you have. You can find out what those limits are on the IRS website, IRS.gov. Search your website for "accrued income credit limits."
Two: Do you have investment income to report on your tax return? Investment income is any income received from things such as stock dividends, bank interest and more. Check the IRS website for the limits of investment income as well, in order to claim the Earned Income Credit.
Three: If you are married, did you file a joint tax return? You will not be eligible if you submit the application separately.
Four: Are you between 25 and 65?
Five: It may be easier to qualify for a work income credit if you can claim a child as a dependent, since your income thresholds increase for each child you claim.
You will have to complete a Credit Attachment for earned income if you have children and claim the earned income credit. You will not need to calculate your work income credit on the schedule, simply provide information about the children, such as your relationship with you, your birthdays and other things you probably know from the top of your head.
When you use TurboTax, you do not need to know anything about tax forms. We will ask you simple questions and we will put your answers in all the correct forms for you.
For more information on this and other tax issues, visit TurboTax.com.
Video credits to TurboTax YouTube channel