Saturday, July 31, 2010

Will i still get earned income credit if i file sepratly i didnt get married untill?

august. i have 5 kids of my own before the marriage and only made 5,000. He cashed out a 100,000 in bonds to buy his house not in my name?Will i still get earned income credit if i file sepratly i didnt get married untill?
Filing MFS (married filing separately) disqualifies you for the EIC (earned income credit)...





It also disqualifies you for many other credits and deductions, and overall raises your taxes... On top of that, the IRS audits a higher percentage of MFS filers than any other group.Will i still get earned income credit if i file sepratly i didnt get married untill?
Married filing seperate does not get the credit. You have to file jointly to get this. With that much income, however, you probably won't get the earned income credit anyway, but the tax rate is much lower and would probably still save money in taxes. Do it both ways and check it, or ask your tax preparer. I know that H %26amp; R has a part of the program where they can check it both ways for no additional fee. It would cost more if you filed Married Filing Sep because there would be 2 returns, but no more just to check it.


By the way, the IRS considers you married if you got married on 12/31. You are not allowed to file single as longas you were married on the last day of the year.
Married-Filing Separate returns do not qualify for EIC at all regardless of income.





As you are married (and I assume that you live with your husband), you can file Separately or Jointly but you MUST file as Married.
You will need to file married filing separate
if you are married and file ';married filing separately';' you will not be able to get eared income credit.
If you file separately, you will not get earned income credit.
OK...it doesn't make a difference if you got married on January 1st or December 30th...you file how you are at the end of the year. So, you can either file MFJ or MFS.





If you file MFS, Married Filing Separate, then you will not be eligible for Earned Income Credit. You could only get the Earned Income Credit if you were MFJ and your combined AGI was less than 34K. and even then it is phased out.





No EIC for you this year.





As for the ';tax preparer'; from Jackson Hewitt, consider the source. You get what you pay for. Her answer was Wrong. But I am very thankful for Jackson Hewitt. They screw up people's tax returns and then the people come to my office to amend them. Sure you don't pay as much for JH services but you don't get near the quality of work either.
NO.

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