If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed...
If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed...
The kids receive Social Security income from their deceased father’s account. My daughter’s 13-year-old son earned $700 with a paper route & received a 1099-MISC with the amount in box 7 – Nonemployee compensation. […] Continue reading → Posted in *Tax Quips, Dependents, Form ...
This paper provides an initial investigation, studying the impact of the Earned Income Tax Credit (EITC) expansions of the early 1990s on the labor supply of adult dependents living with their relatives. I find that dependent individuals who were not a part of the nuclear family responded to ...
Jan. 6: It's the first official work week of 2025, with folks who took long holiday breaks finally returning to the office. Once you get settled at your desk, you might want to take some time for a couple of tax-related tasks that could pay off, this year and after you’re done ...
Note that the earned income ACTC limit does not increase with the number of children, so lower income taxpayers will get less credit per child, and yet, it is lower income taxpayers that need the credit! I guess that Congress figured that lowering the amount given to poorer people would sa...
The income threshold is indexed for inflation, so expect it to increase periodically to keep up with the economy. An exception to this rule exists if your dependent is disabled and earns money from a “sheltered workshop," which is a school that offers programs designed to alleviate your dep...
When filling out your tax return this year, you may have questions about dependents – such as who can be claimed on your return. Claiming a dependent can have a significant impact on your return, including increasing exemptions and possibly increasing certain credits like the Earned Income Credit...
Church-related Income If you earned $108.28 or more in income from a tax-exempt church or church-controlled organization, taxes apply against this income. No deductions for trade or business expenses are allowed against this self-employment income. ...
For example, let’s say “Joe” has four children. His tax preparer correctly lists two of Joe’s children to claim the full earned income tax credit. However, next his tax preparer lists Joe’s other two children on another individual’s (probably a relative who is childless) return to...