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Posted by SMF on February 8, 2007, 7:58 am
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Was always eligible for EIC but had investment income this
year of $4,000. It appears that if you have over $2,800 in
investment income you are not eligible for EIC period. Even
with the $4,000 the income amount is well in the EIC range.
Any exceptions out there to help?
Thanks
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Posted by Paul Thomas, CPA on February 8, 2007, 11:51 pm
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> Was always eligible for EIC but had investment income this
> year of $4,000. It appears that if you have over $2,800 in
> investment income you are not eligible for EIC period. Even
> with the $4,000 the income amount is well in the EIC range.
> Any exceptions out there to help?
Sorry, but they have to draw the line somewhere.
Maybe next year you won't have as much in investment income.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harlan Lunsford on February 10, 2007, 6:05 am
Please log in for more thread options Paul Thomas, CPA wrote:
>> Was always eligible for EIC but had investment income this
>> year of $4,000. It appears that if you have over $2,800 in
>> investment income you are not eligible for EIC period. Even
>> with the $4,000 the income amount is well in the EIC range.
>> Any exceptions out there to help?
> Sorry, but they have to draw the line somewhere.
>
> Maybe next year you won't have as much in investment income.
Speaking of which, Paul, I had an interesting one today.
Fellow still works, but turned 62 last year. Great!
4000 over 62 Georgia exclusion, right?
Wrong. He also had a rental property with a 5000 loss which
negated the 4000 deemed retirement income, thus no
retirement income exclusion on the GA 500.
Is this a great state, or what?
ChEAr$,
Harlan
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by taxxcpa on February 10, 2007, 6:05 am
Please log in for more thread options Paul Thomas, CPA wrote:
>> Was always eligible for EIC but had investment income this
>> year of $4,000. It appears that if you have over $2,800 in
>> investment income you are not eligible for EIC period. Even
>> with the $4,000 the income amount is well in the EIC range.
>> Any exceptions out there to help?
> Sorry, but they have to draw the line somewhere.
>
> Maybe next year you won't have as much in investment income.
Learn to make bad investments. That will solve your problem.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on February 9, 2007, 12:10 am
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> Was always eligible for EIC but had investment income this
> year of $4,000. It appears that if you have over $2,800 in
> investment income you are not eligible for EIC period.
That's true. No way around it. Do make sure that you've
acurately calculated investment income.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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