EITC and what it means to you
January 6, 2009 2 Comments
My mom emailed me about Earned Income Tax Credit and I thought I’d investigate.
Governor Launches Campaign to Urge Kentuckians to Apply for the Earned Income Tax Credit
Surely, this is just a publicity stunt. Let’s see if I’m eligible.
From the IRS:
- Must have a valid Social Security Number
- You must have earned income from employment or from self-employment.
- Your filing status cannot be married, filing separately.
- You must 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.
- You cannot be a qualifying child of another person.
If you do not have a qualifying child, you must:
- 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
- Cannot file Form 2555 or 2555-EZ (related to foreign earn income)
- EITC Thresholds and Tax Law Updates
- Special rules may apply
So, I’m already disqualified because I wasn’t 25. If I was 25, let’s see where I could go:
Earned income and adjusted gross income (AGI) must each be less than:
- $37,783 ($39,783 married filing jointly) with two or more qualifying children;
- $33,241 ($35,241 married filing jointly) with one qualifying child;
- $12,590 ($14,590 married filing jointly) with no qualifying children.
$12,590? That’s earning ~$6.29 an hour working 40 hours a week for 50 weeks a year. I made more as a student worker for the university in 2005-2006.
Boo, Governor Beshear.