What is Tax Withheld on Forms W-2, 1099? Earned Income Credit (EIC)? DO I GET ADDITIONAL CHILID TAX CREDIT?

What is Tax Withheld on Forms W-2, 1099? Earned Income Credit (EIC)? DO I GET ADDITIONAL CHILID TAX CREDIT?

Postby donne » Mon Jan 31, 2011 5:19 am

whoever has the right awnser gets all the points ?

Is it Federal income tax withheld, social security tax withheld , and Medicare tax with held ?

I have one chilid that quilifys and only had 7290.00 on my wages tips and other comp. , do i quilify for Earned income credit?

DO I GET ADDITIONAL CHILID TAX CREDIT ( i HAVE ONE CHILID IM CLAIMING)

WHAT IS IRA DEDUCTION AND MISCELLANIOUS DEDUCTION .
donne
 
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What is Tax Withheld on Forms W-2, 1099? Earned Income Credit (EIC)? DO I GET ADDITIONAL CHILID TAX CREDIT?

Postby eleazar » Mon Jan 31, 2011 5:23 am

Which Tax refund are you working on?

Assuming Federal: then you would look for the FEDERAL income tax withheld.

EIC - yes, you should qualify but make sure to use the right filing status (head of household or married?)

Child Tax Credit - only if the child was UNDER THE AGE OF 17 in 2010. That means up to 16 years old.

IRA (Individual Retirement Account) If you don't know what IRA means... chances are you don't have a retirement account with a bank that you pay into on your own).
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What is Tax Withheld on Forms W-2, 1099? Earned Income Credit (EIC)? DO I GET ADDITIONAL CHILID TAX CREDIT?

Postby raley60 » Mon Jan 31, 2011 5:24 am

2010 Tax Year

Earned Income and adjusted gross income (AGI) must each be less than:

$43,352 ($48,362 married filing jointly) with three or more qualifying children
$40,363 ($45,373 married filing jointly) with two qualifying children
$35,535 ($40,545 married filing jointly) with one qualifying child
$13,460 ($18,470 married filing jointly) with no qualifying children
Tax Year 2010 maximum credit:

$5,666 with three or more qualifying children
$5,036 with two qualifying children
$3,050 with one qualifying child
$457 with no qualifying children
*The American Recovery and Reinvestment Act (ARRA) provides a temporary increase in EITC and expands the credit for workers with three or more qualifying children. These changes are temporary and apply to 2009 and 2010 tax years.

For more information on whether a child qualifies you for the EITC, see Publication 596, Chapter 2, Rules If You Have a Qualifying Child.

Investment income must be $3,100 or less for the year.

The maximum Advance EITC workers could receive from their employers was $1,830. If a worker received Advance EITC during the year, the worker must file a tax return to report the payments. Important Note: The Education Jobs and Medicaid Assistance Act of 2010 signed into law August 10, 2010 repealed the Advance EITC. It will not be available to workers after December 31, 2010.

Or go to irs.gov Yes u qualify for it .... I hope this helps
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