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Do you get the EIC?

On other questions i see alot of people getting big numbers back. Is it because of the EIC?

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Anonymous

Asked by Anonymous at 12:24 AM on Jan. 31, 2010 in Money & Work

Answers (11)
  • Nope, we dont qualify. Having a house payment helps get those big numbers, when you pay out between $9-12,000 per year in interest and $2200 for property taxes it can help bump up your return.
    3_ring_circus_

    Answer by 3_ring_circus_ at 12:28 AM on Jan. 31, 2010

  • Okay I just looked and when I said big numbers I in no way meant like $20,000 back holy crap how do people get that much back? That is insane! It has to be the EIC.
    3_ring_circus_

    Answer by 3_ring_circus_ at 12:32 AM on Jan. 31, 2010

  • what exactly is it...i got something in the mail about it but I dont know how to know if i qualify for it
    JocelynsMama1

    Answer by JocelynsMama1 at 1:00 AM on Jan. 31, 2010

  • Earned income credit, http://www.irs.gov/individuals/article/0,,id=96406,00.html it was origrinally set up as an incentive to go out and work.

    What I have never really understood about it is that even if you only pay in say $1500 in taxes you get back like 5 times that. Last year my friend got back over $8000. We have never quallified for it, we have always made a few thousand too much.
    3_ring_circus_

    Answer by 3_ring_circus_ at 1:15 AM on Jan. 31, 2010

  • I qualify for it...last year my return was around 6000.00. I am also not married so I got to file as "single" and claim a dependent that I didnt claim on my W-4. I work and we dont use any form of PA (other than the EIC) but I make under a certain amount. THis year, I made alot less (worked less and took a less paying job so I could be with my son more) and my return will be alot less but I still qualify for the EIC.
    jenellemarie

    Answer by jenellemarie at 1:49 AM on Jan. 31, 2010

  • EIC, but it can also be due to the Child Tax Credit of up to $1000 per child. Even when we made almost $60K a year and didn't get EIC we qualified for the Child Tax Credit. With 5 kids that added up quickly.
    michiganmom116

    Answer by michiganmom116 at 9:24 AM on Jan. 31, 2010

  • I used to back when I had kids at home, but hubby and I make far too much money for anything now. We usually pay in about 4-5 thousand now.
    Anonymous

    Answer by Anonymous at 10:11 AM on Jan. 31, 2010

  • We don't qualify. Really sucks - there really isn't anything out there for the real middle class. We get to claim our mortgage interest and property taxes which totals over $11000, but still, we aren't getting back these HUGE numbers like some people.
    RutterMama

    Answer by RutterMama at 10:52 AM on Jan. 31, 2010

  • No, I don't receive any form of public assistance.

    mustbeGRACE

    Answer by mustbeGRACE at 11:12 AM on Jan. 31, 2010

  • You can't get $20,000 back from EIC...there is a cap on EIC. Those that get $20,000 back probably have a lot of deductions and other things. Also, just because you qualify for the EIC or child tax credit, it doesn't mean you get the full amount of the credit. It depends on your income, number of dependents and what other credits or deductions you have. Don't take tax info from a social sight, contact the IRS or a reputable tax prep company. No one sitution is the same.
    tyfry7496

    Answer by tyfry7496 at 11:20 AM on Jan. 31, 2010

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