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EIC

ldesc
Level 2

An IRA contributions puts the client into earnings eligible for the earned income credit.  In this scenario, is taking the earned income credit allowable?

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Terry53029
Level 14
Level 14

1) The greater of AGI or earned income must be less than:

• $15,570 ($21,370 for MFJ) with no qualifying children,

• $41,094 ($46,884 for MFJ) with one qualifying child,

• $46,703 ($52,493 for MFJ) with two qualifying children, or

• $50,162 ($55,952 for MFJ) with three or more qualifying children.

Note it says Greater AGI or earned income

 

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2 Comments 2
Terry53029
Level 14
Level 14

1) The greater of AGI or earned income must be less than:

• $15,570 ($21,370 for MFJ) with no qualifying children,

• $41,094 ($46,884 for MFJ) with one qualifying child,

• $46,703 ($52,493 for MFJ) with two qualifying children, or

• $50,162 ($55,952 for MFJ) with three or more qualifying children.

Note it says Greater AGI or earned income

 

ldesc
Level 2

Thank you for the clarification. Much appreciated!

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