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no more earned income credit??

Posted by on Dec. 29, 2012 at 10:55 AM
  • 5 Replies
Question: with this fiscal cliff conundrum all over the news, I tried doing a little research on it and I am so confused. I did read a few places that the EIC would no longer be.. I heavily rely on that each year because it allows me to pay off any medical bills incurred the previous year,put some back for the kids,etc. so is this true?? if so,will lower income citizens receive ANYTHING??
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by on Dec. 29, 2012 at 10:55 AM
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Replies (1-5):
mhaney03
by on Dec. 29, 2012 at 10:59 AM
It's my understanding that the Eic is still good for filing 2012 taxes but will be gone for 2013. I could be wrong though.
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AllNaturalMum
by on Dec. 29, 2012 at 11:21 AM

This is my understanding as well..
Unless congress/senate can stop throwing their little toddler tantrum, a lot of our tax breaks are going buh-bye! 

Quoting mhaney03:

It's my understanding that the Eic is still good for filing 2012 taxes but will be gone for 2013. I could be wrong though.


MeeshMom
by Platinum Member on Dec. 29, 2012 at 11:34 AM
I work in a tax dept. I will find out next week. Most likely it'll remain for this 2012 tax filing then go away in 2013. I think the max eic is maybe $400? It's not big but it does help with bills I can agree.

My income would be considered good but I live in California where cost of living is high so I live paycheck to paycheck. I can't pay all the bills without child support. My rent for my one bedroom apt is 1370 which equals one pay check. All my other bills equal more than that (daycare, car, gas, utilities, Internet, food) so I'm pretty sure I'm fucked with not only the federal tax hikes but the California tax hikes on top of losing tax credits. And yes the president is hiking taxes on the middle and lower middle class not just upper class like he promised.
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MeeshMom
by Platinum Member on Dec. 29, 2012 at 11:37 AM
I was wrong the max can be up to 5000 for someone with 3 kids. It's based on total income and number of kids. There is a limit. I won't qualify for it next year possibly if my income goes above $42K

You can never go wrong with the IRS website.

http://www.irs.gov/Individuals/Preview-of-2012-EITC-Income-Limits,-Maximum-Credit--Amounts-and-Tax-Law-Updates
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LifeCafe42
by Nora on Dec. 29, 2012 at 5:03 PM
Hopefully it'll be there this year!
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