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Questions tagged [eitc]

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1answer
75 views

Medical expense deduction when there is no income

If medical expenses exceed your income, is there a mechanism by which you can receive money back when you file your taxes? What impact would trying to claim the Earned Income Tax Credit have on this ...
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1answer
34 views

Clarification regarding disqualified income for Earned Income Credit (EITC or EIC)

I'm a graduate student with several kids. Right now I'm trying to leverage my temporarily diminished income by "backdoor" rolling-over my 401k account to a Roth IRA account, without inadvertently ...
5
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2answers
129 views

Will a retirement account with more than $3,400 in it bar me from getting EITC?

EITC (earned income tax credit). Is a retirement account considered investment income by the IRS? The IRS considers these as investment income: Interest (both taxable and tax-exempt) Dividends ...
5
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2answers
208 views

I trade labor for lot rent on my live-in R.V. Can I claim any income to apply for EITC? Do I owe taxes? There is no money exchanged

I work as a farm laborer in exchange for lot rent for my own Recreational Vehicle, electricity, and water on a friend's farm. There is no cash exchange. I am the one and only "lot renter". Will ...
1
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1answer
3k views

What box on my W-2 correlates to my “earned income” for purposes of EITC?

As an example: I have $20,000 in Box 1 on my wife and my only W2 I have $35,000 in Box 3 (reflecting significant pre-tax 401(k) deductions) Filing MFJ with no kids For 2016, to claim EITC both ...