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Video instructions and help with filling out and completing publication 596 for 2021
Music hello again this is Josh Alba yellow with a Yugo the creators of I Yugo tax the application that will change the way you file your taxes say goodbye to your tax preparer complex applications and most importantly say goodbye to fake free and upgrades if you find this show helpful don't forget to like it or leave us your comment subscribe to our You Tube channel but most important leave a request for a specific topic that you'll like us to cover in the future this is episode 4 of taxes are simple and today we will talk about the Earned Income Tax Credit the Earned Income Tax Credit EITC or AIC is a benefit for working people with low to moderate income to qualify you must meet specific requirements and file a tax return the Earned Income Tax Credit reduces the amount of taxes you owe any may give you a refund once again to qualify you need to file a tax return even if you generally are not required to do so you also have to have earned income within a certain range for your filing status and either have at least one qualifying child or meet the requirements for workers without modifying children first let's figure out if you Elise have one qualifying child by entering some zip questions number one the relationship your son daughter adopted child stepchild foster town great child brother sister half-brother half-sister stepbrother stepsister niece or nephew man that was a lot but next question your answer is the age at the end of the year was this child younger than you number than 19 or younger than 24 if a full-time student remember there is no age limit if your child was permanently and totally the same next is the residency the child must live with you here in the United States for more than half of the year which means that you pay for more than half of the living expenses for this child the last thing is that the child cannot file a joint return for the tax year unless they are only reporting income earned but no credits only you can claim that credit if you're filing together you your spouse and all listed qualifying children must have a valid social security number also you are not eligible to take the earn income tax credit if you are filing under the status married filing separately the amount of credit depends on your earned income filing status and whether you have any qualifying children remember the new tax law didn't change the Earned Income Tax Credit however the earn income amount and the face out amounts are always adjusted annually for inflation taxes are simple now let's figure out how the credit works to qualify for the Earned Income Credit first you have to insert three simple questions what's your filing status you have qualified children and are you below your income threshold for your filing.