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EIC?

Does anyone know if you get the (EIC) Earned income credit, and the normal child deduction? I don't know much about taxes. Any information would be appreciated! Thanks

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Anonymous

Asked by Anonymous at 5:03 PM on Feb. 6, 2009 in Money & Work

Answers (2)
  • IF your income falls within the requirements then you can get both the EIC and the child tax credit. If you have a child, or two or three or whatever, then you will get the child tax credit for each of them if they fit the qualifications. You will also be able to claim them as deductions if they qualify.
    Go to www.hrblock.com and they have a calculator. You can take a few minutes, plug in your information (income, deductions, etc.) and it will tell you in the results if you will qualify for the EIC and the child tax credit.
    michiganmom116

    Answer by michiganmom116 at 6:20 PM on Feb. 6, 2009

  • If you are able to claim your children as dependents, then you will receive their personal exemptions. The child tax credit was created to reduce your tax liability. If you have a zero liability, then you would not need the child tax credit. But, for example, if you have $1500 in tax liablity, and you had 2 children (equal to $2000 child tax) then you would get $1500 in child tax credit, bc that is all that you would need to bring your tax liability to zero. That is the point of the child tax credit. :)
    For EIC you must have evidence of earned income (w-2's and/ or 1099 misc. self employment) to qual for EIC and at least one or two qual children are needed to claim EIC. You do not qual for more if you have more children.
    lifeasinoit

    Answer by lifeasinoit at 12:45 AM on Feb. 7, 2009

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