Has anyone come across a client receiving earned income credit when their only wages are from term life insurance? Have a client that retired but receives a W-2 from VA Retrrement System with the term life ins reported in box 1 of W-2.
Anyway to get around this since he doesn't really qualify for EIC?
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I have a client who received one of those for years. It also showed uncollected SS tax on the "wages," which had to be shown on a different form and carried over to a separate schedule, or maybe it went on a different schedule that carried over to separate form. This year, there was no W-2, and I asked why. Turns out the insurance amount had been reduced below $50K, probably because she turned 65.
For an $11 credit, I would ignore and override.
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