Antioch California online Form 1040 Tax Table 2023-2024

Antioch California online Form 1040 Tax Table: What You Should Know

Earned Income Credit The earned income credit (EIC) is an installment-payment tax credit (APC) on certain wage and salary income. These credits are allowed  1,000 × your Adjusted Gross Income (AGI) (before credit) minus your child support and alimony obligations. How the EIC Works The EIC is an investment in you to increase your disposable income for other tax purposes. It provides a refundable tax credit based on your child support responsibilities. The credit is reduced by the federal and state taxes, child support and alimony payments owed from the beginning of the tax year (January 1) to the end of the tax year (December 31) Example 1 Mary is a full-time college student in Oklahoma. She has 5,000 in debt after tuition, room and board. If her mother has more than 3,000 in federal and state tax debt, then Mary will not get the ETC. Mary must complete and pay for and file to the IRS Form 1040 (Form 1040-EITC). Her mother will not have to. She will not get the credit. This is because the first 1,000 of her ETC is for her child support responsibilities, while the other 2,000 is for the state tax debt. Example 2 Jim is a full-time college student in Colorado Springs. He has 14,000 in federal and state income tax debt that is not related to his child support payments. He is not eligible for the ETC because he owes no state income tax. Jim calculates and enters the income and federal tax obligations on his federal income tax return for the tax year. He takes the difference- the credit, then deposits the rest of the money into a bank account where he can earn interest. In his early years as a full-time student, Jim makes some non-child care related wage income. However, his family's health insurance costs rise sharply, especially if he moves from Colorado Springs to Colorado Springs and does not qualify for employer coverage. Jim is forced to move back in with his parents. If he stays full-time in Colorado Springs, Jim has no child support obligations, the federal and state taxes are already part of the payment, and the federal credit is 1,000 — he could earn as much as 8,000.

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