Home | Links | Contact Us | Bookmark
Financial Forum Search :
   Homepage      News      Financial Topics     Finance Directories      Financial Forum      Dictionary  
Financial Forum    Taxes
Finance Discussion Forum

 How do my federal taxes change when I have kids?
Please bear with me. I'm a bit slow on understanding our tax system. It's a bit confusing to me for some reason.

We are planning on starting a family in the future and I wanted ...


 Can people make bids on their own items on e-bay - or cheat in any other way by geting their friends to?!?
And can they see the price people are prepared to go up to?!...


 If I did not work in 2007 do I still need to do my taxes?
I was not able to work at all in 2007 due to the health of my baby boy who was born 3 months early and has had many health issues. I had some myself this year as well. I have no income to report ...


 Someone claimed me as a dependent on their tax return.....and I'm 28!?
Hello. I recently discovered that I have been claimed as a dependent by an unknown person on their tax return. Now I typically file my own taxes each year without the use of services. Usually an ...


 How much money can I make on garage sales before I have to report it on my income tax?
And also, how much money could one get, say as a gift from a friend, before it must be reported on income tax?...


 Can anyone please tell me when W2's are sent out?
...


 Are overseas lottery winings taxable in the U. S.?
...


 Should a Holiday Bonus be taxed or not taxed on your paycheck?
...


 Can I deduct my rent over $500 a month on my taxes?
Can I deduct the portion that is over the $500 a month? If my rent is $625 a month, can I deduct the $125 a month from my taxes?...


 Does the Mormon church have tax exemption?
...


 W-2 problem from past employer?
I have an employer from 2007 who has informed me that I may not get my W-2 until May. I know that this is illegal, but what exactly can I do about it? I have a friend who said that I can report ...


 Who do i contact to recive a 1040 form from a previous job?
I USE TO WORK FOR A JIFFY LUBE BUT HTE WERE NOT A FRANCHISE THEY WERE PRIVATELY OWNED...


 Do you know what REALLY FLOCKS ME OFF...?
You pay tax on your earnings. You pay tax on your savings. You pay tax on 99% of the things you buy. SO WHY WHEN YOU DIE AND LEAVE ALL YOUR HARD EARNED CASH TO YOUR CHILDREN etc DO THEY HAVE TO PAY...


 Get taxes done or do our own?
I have done Turbo Tax in the past but for the last few years we've been going to get our taxes done, like at H&R Block. The price difference is pretty big and I'm not sure if it's ...


 Is there a way to get my friend in the UK a US number in order to avoid deductions of minutes on cell phone?
My friend lives in England and calls me on my cell phone from his land line. My minutes/air time are being eaten up because only incoming national calls are free through Verizon and not incoming INTE...


 Can You Be Penalized if you report more dependants on your w-4 form?
Taxes have taken out a lot out of my checks because I claim 0 dependants..What can I do to have them take less so I can receive less?...


 I filed my 2007 return already, but I just found another W-2 I forgot about, can I still file it?

Additional Details
I know there is a penalty charge but I don't want to owe anything next year for not filing this ...


 Parents Tax Question?
My dad has just moved into a senior home and I was covering his costs for a couple of months. My mom passed a way while the house was in escrow.
He received the proceeds from the house sale and ...


 Can I take Childs Tuition off my taxes?
My son goes to a private school and I was wondering if the education is tax deductable. Its a Catholic School. I know college can be deducted....
Additional Details
He is in Preschool ...


 Is the social security office is where i would go for unemployment?
...



lurline86
Why do I need to be 25?
Why do I need to be 25 to be eligible to claim the Earned Income Tax Credit, this upsets me very much. because I made $6,000, in 2008.this makes sad,
Additional Details
I do not have kids, its just me.
                     
 




Sharon T
Rating
The age requirement is because many people your age are still students or just beginning their careers. Some live at home or share housing. At least this was the rationale when Congress passed the law.


Beefcake The Mighty
Rating
when I filed my taxes last year I was 22 so i dont know why you need to be 25 to claim EIC. I would like to know the same thing.
maybe because I have a child?


hrblockchristinew
Rating
The age limit for earned income credit with no children is between 25 and 65. If you have children you can be younger than that. Here is some information on the credit. I don't know why they chose 25 ,but that is the IRS.

Topic 601 - Earned Income Credit

You may qualify for the Earned Income Tax Credit, or EITC, if you worked last year, but did not earn a lot of money.

Christine EA Master Tax Adviser
Check out my profile

This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided. http://www.hrblock.com/taxes/tax_tips/index.html
http://www.hrblock.com/taxes/tax_calculators/index.html



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, 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 can not be a qualifying person)
Not have investment income over a certain amount
Not file Form 2555 or 2555-EZ (related to foreign earned income), and
Have a qualifying child 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 whether you have children, the number of children you have, and the amount of your wages and income last year.


trixibel
cause you don't have kids....


Judy1
Rating
Because that's what the law says. If the government is just giving out free money, they can at least set requirements for getting it.


Roger M
Rating
you do NOT need to be 25.

Any age as long as you have dependants (children)

I have filed for the part 3 years for the EIC for my now 24yo son and his family,


Chad B
I have a tax professional do my taxes every year, this is the first year I did them alone. I went to Liberty Tax in 2005 and the other years I went to HR Block, and every single one of those places said i was eligible for the EIC credit. I'm married with 2 kids, maybe that has something to do with it?? Call someone.


crusader6808
Rating
probably is the economy for the statse or somtinglike that


Danny Lightning
Rating
call up the stupid goverment and ask them


 Enter Your Message or Comment


User Name:  
User Email:   
Post a comment:







Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.014
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy