Earned income tax credit

Earned income tax credit

Posted in the Wynne Forum

Hannah

United States

#1 Jan 21, 2013
Did Obama take this much needed money away from us?
Guest

Forrest City, AR

#2 Jan 21, 2013
Hannah wrote:
Did Obama take this much needed money away from us?
Yes,this is one of the few cuts he made to reduce the budget. If you didn't pay it in, you don't get it.
glora

United States

#3 Jan 21, 2013
What u mean if u didnt pay it in ,

Since: Jan 13

United States

#4 Jan 21, 2013
So if i did work i wont get it on my kids
irs.gov

United States

#5 Jan 21, 2013
Topic 601 - Earned Income Credit
You may qualify for the earned income tax credit (EITC), if you worked last year, but did not earn a lot of money.

EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld.

To qualify for the credit your adjusted gross income (AGI) must be below a certain amount and you must:

Have a valid Social Security Number (if you are filing a joint return, your spouse also must have a valid Social Security Number)
Have earned income from employment or from self-employment
Have a filing status other than married filing separately
Be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return
Not be a qualifying child of another person (if you are filing a joint return, your spouse also cannot be a qualifying child of another person)
Not have investment income over a certain amount
Not file Form 2555 (PDF) or Form 2555-EZ (PDF)(related to foreign earned income), and
Have a qualifying child who meets four tests (the Age, Relationship, Residency and Joint Return tests) OR:
be age 25 but under 65 at the end of the year
live in the United States for more than half the year, and
not qualify as a dependent of another person
If you qualify, the amount of your EITC will depend on your filing status, whether you have children, the number of children you have, and the amount of your wages and income last year.

For more information or to see if you qualify, go to the EITC Home Page on IRS.gov or call 800-829-3676 and request Publication 596, Earned Income Credit.

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Page Last Reviewed or Updated: January 17, 2013
Guest

Little Rock, AR

#6 Jan 21, 2013
The Earned Income Credit should be eliminated. It is ridiculous that people get back money they did not pay in. It is just another form of welfare. Our country has huge budget deficits, yet we are giving people money they didn't earn or deserve.
Big Oil

West Memphis, AR

#7 Jan 21, 2013
Guest wrote:
The Earned Income Credit should be eliminated. It is ridiculous that people get back money they did not pay in. It is just another form of welfare. Our country has huge budget deficits, yet we are giving people money they didn't earn or deserve.
It's very much like the tax breaks given by Congress to the Oil Industry; very much like all the tax breaks given by Congress to Corporate and all the wealthy who control and own Corporate. It's very much like when Congress decided that earning income from investing in stocks wasn't really "income" that they received and lived on ... but rather those were "investment returns" that would only be taxed at max at 15%.

Yes, only the terribly poor get huge tax breaks, but this is only true if you turn a blind eye to what is really causing the enormous debt facing the USA. The wealthiest 1% have more income combined than do the lowest-paid 60% of USA workers and taxpayers. Almost all of Wynne taxpayers fall into that 60% group.
NAPPY the One and Only

United States

#8 Jan 21, 2013
Big Oil wrote:
<quoted text>
It's very much like the tax breaks given by Congress to the Oil Industry; very much like all the tax breaks given by Congress to Corporate and all the wealthy who control and own Corporate. It's very much like when Congress decided that earning income from investing in stocks wasn't really "income" that they received and lived on ... but rather those were "investment returns" that would only be taxed at max at 15%.
Yes, only the terribly poor get huge tax breaks, but this is only true if you turn a blind eye to what is really causing the enormous debt facing the USA. The wealthiest 1% have more income combined than do the lowest-paid 60% of USA workers and taxpayers. Almost all of Wynne taxpayers fall into that 60% group.
They are not going to listen to you. Old NAPPY has been telling them that for years. They don't comprehend it. They actually think the little money that's given to the poor is what really causes so much of the deficit. It's really nothing compared to the government assistance given to the wealthy. They don't undersatnd how much welfare millionaires receive. They don't understand the grants, subsidies, tax breaks etc. given to the wealthy. They don't understand that the wealthy rule and they rule to advance themselves and only them. They don't understand the high dollar crime and fraud done by the wealthy. they don't understand the 1% vs the bottom-feeders.
wondering

Blytheville, AR

#9 Jan 21, 2013
glora wrote:
What u mean if u didnt pay it in ,
You must go to work and actually pay taxes. If you dont work then you wont be getting the BIG tax return you DONT deserve!!
NAPPY the One and Only

United States

#10 Jan 21, 2013
No, you don't have to pay IT in. You can get far more than you pay in. You need to pay in some.
Jeffrey

Timisoara, Romania

#11 Jul 5, 2013
Hi everyone,

In my opinion i consider the EITC to hav a beneficial effect on the US economy, and has indeed encouraged many people to continue working or, if unemployed, to reenter the workforce.
Nevertheless i want to find out more about this tax.
Could someone give me more detailed information about the EITC?

Thanks!
Jeffrey
Guest

Haslet, TX

#12 Jul 5, 2013
Is this taking effect immediately or years down the road?
Jeffrey

Manassas, VA

#13 Jul 5, 2013
The tax is already implemented. I found brief some information about the tax at http://eitc.info/ I hope it's accurate, but i want to know much more about the tax.

You should check it out ... maybe it helps you.

If you find more info about the EITC i would be truly grateful.

Best,
Jeffrey
guest

Wynne, AR

#14 Jul 5, 2013
It's just more welfare for the lazy blacks. Do away with it and let them work for their money like the rest of us have to do.

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