Make big profit

Rick G asked:


Federal taxes.

Category: United States by admin

3 Responses to “What is the minimal amount I can earn to qualify for an earn income credit?”

1. J, on October 12th, 2008 at 3:44 am Said:

   $0 to $5.00.

2. brandy s, on October 12th, 2008 at 9:14 pm Said:

   Current Tax Year 2007
   Earned income and adjusted gross income (AGI) must each be less than:

   $37,783 ($39,783 married filing jointly) with two or more qualifying children;
   $33,241 ($35,241 married filing jointly) with one qualifying child;
   $12,590 ($14,590 married filing jointly) with no qualifying children.
   Tax Year 2007 maximum credit:

   $4,716 with two or more qualifying children;
   $2,853 with one qualifying child;
   $428 with no qualifying children.
   Investment income must be $2,900 or less for the year.

   The maximum Advance Earned Income Tax Credit (advance EITC) for tax year 2007 the employer is allowed to provide throughout the year with the employee’s pay is $1,712.

   Nontaxable Combat Pay.

   The provision to include nontaxable combat pay in your income to claim the EITC has been extended to cover excludable combat pay received on or before December 31, 2007. If you were a member of the U.S. Armed Forces who served in a combat zone, certain pay is excluded from your income (see Nontaxable combat pay election in Pub. 3 for more information).

   You can choose to include this pay in your earned income when figuring the EITC. If you make the election, you must include in earned income all nontaxable combat pay you received. If you are filing a joint return and both you and your spouse received nontaxable combat pay, you can each make your own election.

   The amount of your nontaxable combat pay should be shown in Form(s) W-2, box 12, with code Q.

   So I am guessing anything under 12,590

3. Judy, on October 14th, 2008 at 6:10 am Said:

   $1 earned income. But be aware that your EIC would be very small also – the amount of the EIC you get depends on your income, so you wouldn’t get much. If your earned income is under $50, your EIC is anywhere between $2 and $10 depending on the number of children you have, if any.

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