Yes Sir
Chris
Announcement
Collapse
No announcement yet.
Earned income credit - interest income
Collapse
X
-
Originally posted by Rapid Robert View PostBut it is from something she owns - the back child support. If she didn't have a financial ownership, she wouldn't be receiving interest income.
Chris
Leave a comment:
-
Originally posted by spanel View PostDoesn't seem right as this is not from something she owns
Leave a comment:
-
Well $6,000 in interest is better than $5,500 in tax credit. IRC 32 doesn’t care where the investment income came from - if it’s in gross income then it it’s a eligibility factor.
Leave a comment:
-
Earned income credit - interest income
Client qualifies for EIC except she received a huge sum of interest income ($6000). This was for all back child support (apparently they accrue it and pay the interest first. This cost my client $5500 this year. Doesn't seem right as this is not from something she owns (bank account, investment acct, ect) and cant even control. Any way to work around this???
Thanks
ChrisTags: None
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Leave a comment: