Quote:
Originally Posted by msaccountant
Do I qualify for the Earned Income Credit/Earned Income Tax Credit?
Depends. You must be at least age 25, your filing status must not be Married Filing Seperately, have a vaild SSN, and meet the income requirements.
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You need only be at least 25 if you have no qualifying children. If you have children, the minimum age limit does not apply.
In addition, only the following income is classified as "taxable earned income":
- Wages, salaries, tips, and other taxable employee pay;
- Union strike benefits;
- Long-term disability benefits received prior to minimum retirement age;
- Net earnings from self-employment if:
- You own or operate a business or a farm or
- You are a minister or member of a religious order
- You are a statutory employee and have income.
Examples of Income that are Not Earned Income:
- Pay received for work while an inmate in a penal institution
- Interest and dividends
- Retirement income
- Social security
- Unemployment benefits,
- Alimony
- Child support