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#5
02-10-2007, 10:05 AM
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 Re: EIC and Investment income Paul Thomas, CPA wrote: - quote - > "SMF" <smfwdf[at]comcast.net> wrote
Learn to make bad investments. That will solve your problem.> > Was always eligible for EIC but had investment income this > > year of $4,000. It appears that if you have over $2,800 in > > investment income you are not eligible for EIC period. Even > > with the $4,000 the income amount is well in the EIC range. > > Any exceptions out there to help? > Sorry, but they have to draw the line somewhere. > Maybe next year you won't have as much in investment income. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#4
02-10-2007, 10:05 AM
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| Re: EIC and Investment income Paul Thomas, CPA wrote: - quote - > "SMF" <smfwdf[at]comcast.net> wrote
Speaking of which, Paul, I had an interesting one today.> > Was always eligible for EIC but had investment income this > > year of $4,000. It appears that if you have over $2,800 in > > investment income you are not eligible for EIC period. Even > > with the $4,000 the income amount is well in the EIC range. > > Any exceptions out there to help? > Sorry, but they have to draw the line somewhere. > Maybe next year you won't have as much in investment income. Fellow still works, but turned 62 last year. Great! 4000 over 62 Georgia exclusion, right? Wrong. He also had a rental property with a 5000 loss which negated the 4000 deemed retirement income, thus no retirement income exclusion on the GA 500. Is this a great state, or what? ChEAr$, Harlan << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
02-09-2007, 04:10 AM
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| Re: EIC and Investment income "SMF" <smf...[at]comcast.net> wrote: - quote - > Was always eligible for EIC but had investment income this
Nope> year of $4,000. It appears that if you have over $2,800 in > investment income you are not eligible for EIC period. Even > with the $4,000 the income amount is well in the EIC range. > Any exceptions out there to help? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-09-2007, 04:10 AM
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| Re: EIC and Investment income SMF" <smfwdf[at]comcast.net> wrote: - quote - > Was always eligible for EIC but had investment income this
No.> year of $4,000. It appears that if you have over $2,800 in > investment income you are not eligible for EIC period. Even > with the $4,000 the income amount is well in the EIC range. > Any exceptions out there to help? Sorry. -Crystal << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-09-2007, 04:10 AM
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| Re: EIC and Investment income "SMF" <smfwdf[at]comcast.net> wrote: - quote - > Was always eligible for EIC but had investment income this
That's true. No way around it. Do make sure that you've> year of $4,000. It appears that if you have over $2,800 in > investment income you are not eligible for EIC period. acurately calculated investment income. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-09-2007, 03:51 AM
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| Re: EIC and Investment income "SMF" <smfwdf[at]comcast.net> wrote - quote - > Was always eligible for EIC but had investment income this
Sorry, but they have to draw the line somewhere.> year of $4,000. It appears that if you have over $2,800 in > investment income you are not eligible for EIC period. Even > with the $4,000 the income amount is well in the EIC range. > Any exceptions out there to help? Maybe next year you won't have as much in investment income. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-08-2007, 11:58 AM
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| EIC and Investment income Was always eligible for EIC but had investment income this year of $4,000. It appears that if you have over $2,800 in investment income you are not eligible for EIC period. Even with the $4,000 the income amount is well in the EIC range. Any exceptions out there to help? Thanks << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| eic, income, investment |
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