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Advance EIC?

does anyone get it? does it make much of a difference in your check? we are struggling and I was thinking about signing up for it. Just wondering how it works and about how much more you get in your checks. We are a family of 2 children 2 adults and made 30,000 last year. thanks and please no bashing.

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Anonymous

Asked by Anonymous at 6:26 AM on Feb. 3, 2010 in Money & Work

Answers (5)
  • EIC is part of your taxes you put it on your tax return. Here is a EIC calculator I found online.

    RyansMom001

    Answer by RyansMom001 at 6:43 AM on Feb. 3, 2010

  • To do the Advance EIC I think you had to apply for it before Dec 31.
    matthewscandi

    Answer by matthewscandi at 7:58 AM on Feb. 3, 2010

  • Go to payroll or human resources and see if they can hep you adjust your with holdings so you get more in your check each time. You will get a smaller refund at the end, but more each month. The other alternative (easier said than done!) is to put your refund away and draw just a bit out each month to help cover expenses. Payroll should also have info on the EIC advance. Be careful- if you get a raise or change jobs and make more money you could owe back at the end of the year. UGH finances are a pain!
    soyousay

    Answer by soyousay at 9:34 AM on Feb. 3, 2010

  • Your HR should have a form you can fill out to find out if you are eligible. We used to do that with all our new hires, I don't remember if anyone ever qualified, so I couldn't tell you what would happen if you did.
    Anonymous

    Answer by Anonymous at 9:37 AM on Feb. 3, 2010

  • Fill out a W-5 (you can print one off the IRS website)
    You and your spouse are each allowed ONE. So even if you work several jobs you can only turn in a W-5 to ONE employer.

    The limit is about $1600 a year per spouse. But of course, that doesn't mean you'll actually get that much. And contrary to what a PP said you can fill the form out any time during the year and receive advanced earned income credit

    I believe we filled out one in March of last year and we ended up getting an extra $180 total, spread through out the year. It's not much at all but then again, that's $180 that we wouldn't have had, so it helped. I think your employer decides how much to give you though.

    Yes I do think it is worth it to fill it out. It only takes a few seconds. I think you actually just sign your name and give it to your employer.

    Hope that helps.
    Anonymous

    Answer by Anonymous at 3:34 PM on Feb. 3, 2010

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