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Video instructions and help with filling out and completing irs pub 596 2021
Just some quick notes today about the EIC that's not the thing from Finding Nemo the crush rode with Nemo to Australia no the EIC is the earned income tax credit that has some special provisions this year for you and your tax preparer will only cover the basics and the what's new today awesome dude totally the EIC is for lower income earners who have less than thirty two hundred dollars in investment income and have valid social security numbers you must be employed or self employed within come to claim this credit the amount of the credit depends on your income and filing status and as you can see from this slide it is confusing but we are talking about taxes aren't we the EIC is a refundable credit intended to help lower income wage earners that means even if you get back all of your income tax withholding that they took out of your check you could still get back up to 5891 dollars as the slide shows if you qualify for the EIC in addition to all of that withholding it's refundable now a lot of people get upset at this and say why should someone who doesn't pay any income tax get a credit back what they don't realize is that all wage earners every single one pay Social Security and Medicare taxes on every single dollar they earn you don't get those back until you retire the original intent of the EIC was to help offset those taxes for those who could least afford it and who worked for a living there are no welfare cheats allowed in this program but that's the old news we're here to see what's known what can help avoid delays and our tax returns the main difference this year is that your tax preparer has to include a new form stating how the taxpayer that's you is qualified for the EIC that means a tax preparer will be asking more questions this year and they might seem a bit personal the main difference with past years will come from parents claiming children as part of their EIC the IRS is requiring tax preparers to document that they not only ask the questions but kept a record of the documentation now what kind of documentation do you need to show that your child lived with you during the year they have a list of approved documents and they include things like a school record or statement landlord or property management record a healthcare provider statement or a medical record or child care provider records you can also in some cases have things like a placement agency statement a social service record or statement place of worship statement Indian tribal official statement or employer statement any of these that show your child's name and your address will work to show that you're dependent lived with you during the year now if you have a disabled child who can be.