Among Friends

[Toppers]

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@CouponQueen wrote:

Then we have the LARGE refunds under the Earned Income Credit that amounts to several THOUSAND tax dollars just "credited" to people with lower income and a child..listed as Head of Household..

I do not support this credit..it is a free shopping spree on our tax dollars for many.

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I don't feel or believe that it's a "free shopping spree" on people's tax dollars. 

Many people seem to commonly misunderstand how this credit works.

It's basically a tax refund given back to those who have paid taxes in already.

You have to have some type of income to qualify for it. (There's information on the IRS' website for those who are interested in finding out more about the credit).

It's a tax credit geared towards helping low-income people who are working and have children, primarily, although people can qualify for the credit who don't have children, too.

If you qualify, it's taken in the form of a tax credit on your tax form, and there is a limit as to the amount of the credit that someone can get, based on the amount of their wages/adjusted gross income that they're claiming on their taxes.

The credit can help someone who was working and was widowed or divorced and finds that their financial situation has changed, for example.

If someone is getting a large refund when they file their taxes, it could also depend on other circumstances too, and not just on this particular EIC credit. It could depend on how many people they are claiming as dependents on their taxes, how many deductions they claim, etc. 

[Nuttmeg]

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@CouponQueen wrote:

Then we have the LARGE refunds under the Earned Income Credit that amounts to several THOUSAND tax dollars just "credited" to people with lower income and a child..listed as Head of Household..

I do not support this credit..it is a free shopping spree on our tax dollars for many.

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You may want to look for benefits you or a family member may qualify.

https://www.benefitscheckup.org/

[151949]

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@Toppers wrote:

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@CouponQueen wrote:

Then we have the LARGE refunds under the Earned Income Credit that amounts to several THOUSAND tax dollars just "credited" to people with lower income and a child..listed as Head of Household..

I do not support this credit..it is a free shopping spree on our tax dollars for many.

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I don't feel or believe that it's a "free shopping spree" on people's tax dollars. 

Many people seem to commonly misunderstand how this credit works.

It's basically a tax refund given back to those who have paid taxes in already.

You have to have some type of income to qualify for it. (There's information on the IRS' website for those who are interested in finding out more about the credit).

It's a tax credit geared towards helping low-income people who are working and have children, primarily, although people can qualify for the credit who don't have children, too.

If you qualify, it's taken in the form of a tax credit on your tax form, and there is a limit as to the amount of the credit that someone can get, based on the amount of their wages/adjusted gross income that they're claiming on their taxes.

The credit can help someone who was working and was widowed or divorced and finds that their financial situation has changed, for example.

If someone is getting a large refund when they file their taxes, it could also depend on other circumstances too, and not just on this particular EIC credit. It could depend on how many people they are claiming as dependents on their taxes, how many deductions they claim, etc. 

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Too bad people just get all  negative over this - it is simply an income taxes paid  and SS tax refund because they have incomes that are so low they can't possibly survive on it so the government helps them out by refunding taxes paid. Whenever I hear anyone gruntzing over this I wonder how they would do if they had to get by on the incomes these people have. I think some folks should spend more effort taking care of their own business and not getting into other people's. No one is giving them one cent that they did not pay in the first place.

[ROMARY]

You couldn't pay me enough to be an income tax accountant.  Makes me nervous just thinking about it............

[Toppers]

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@ROMARY wrote:

You couldn't pay me enough to be an income tax accountant.  Makes me nervous just thinking about it............

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I understand how you feel, @ROMARY! 

The tax laws change all of the time, and state tax laws can change too for those who have to pay state taxes, so it can get pretty complicated. 

The tax software programs have made it easier, but you still have to be able to determine what to file where and what pertains to you, and sometimes that can get to be a bit complex too, in my opinion.