Deleted
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Post by Deleted on Jan 22, 2011 20:46:15 GMT -5
I am using turbotax to file our tax return and the EIC has me completely confused. I am hoping someone here can tell me if this sounds right because it doesn't to me.
Ok, my husband is in the military and he has been deployed to Iraq. Since he has been deployed, his taxable income is $41,281, but his social security wage is $82562.40. He also receives BAH so it puts us well over 6 figures.
We have 3 children. When I enter all of our information, it says that we qualify for $1,080 EIC, and that just doesn't sound right to me. HOW do we qualify for this? IMHO we shouldn't at all!
So, am I doing something wrong? Do we really qualify for this just because his taxable income is lowered because of deployment?
It just doesn't sound right...
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TheOtherMe
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Post by TheOtherMe on Jan 22, 2011 20:56:41 GMT -5
You have 3 kids. So the EIC starts is available if you have earned income of less than $48,362 if married filing jointly with three or more qualifying children.
Looks like you are entitled to some EIC since his taxable earned income is less than that amount due to being deployed.
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Deleted
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Post by Deleted on Jan 22, 2011 21:01:03 GMT -5
Thanks for your reply. That is what Turbo Tax said too, but it just doesn't "feel right". I really think it is wrong that we qualify for it.
I guess I could just deposit the EIC in my Roth, but man I feel like I am ripping someone off.
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Post by commentator on Jan 22, 2011 22:54:02 GMT -5
I guess I could just deposit the EIC in my Roth, but man I feel like I am ripping someone off. Take the money without any feelings of guilt. There were be plenty of times when you feel like the tax laws are ripping you off. |
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TheOtherMe
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Post by TheOtherMe on Jan 22, 2011 22:58:19 GMT -5
Very true.
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mwcpa
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Post by mwcpa on Jan 23, 2011 6:40:11 GMT -5
My brother once qualified for the EIC after a bad year in his business .... he asked if he could give it back as he did not want the "welfare".... I told him take it as he qualified and if he did not want it take the amount and give it to charity.... and don't claim the deduction for the charity when he gave it away....
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Deleted
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Post by Deleted on Jan 24, 2011 14:20:50 GMT -5
It is right and you are following the tax laws. Take it
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Post by nancy65 on Jan 24, 2011 18:35:43 GMT -5
Take it, with our thanks for his service.
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