I was discussing the Attained Cash flow Tax Credit with a buddy, and we were attempting to figure out how exactly it worked. Ok, very first off, she’s not confident who to assume a w-2 from. She labored until finally January seventeenth at 1 job very last year, and begins a new work on January 1st of this year. Will she get one particular from last year’s employer, AND, will she get 1 from the new employer?
Next, and this depends on which w-2 she will be expecting, how significantly, approx. will she get for EITC? She worked total time/min wage at each positions. Now, I know it all depends on particular bills and what not, but JUST using that info into account, what would the approx quantity be? She is attempting to funds a go in the near foreseeable future, and would like to establish if she can move sooner than she anticipated.
Sorry if this is a tad complicated.
Answer by Amanda
From reading your issue, it appears like your good friend only worked until January 17th in 2014, and hasn’t worked at all given that then. If which is the situation, your buddy should not count on any tax income again, due to the fact she couldn’t have possibly paved enough taxes in 17 days to qualify for the credit. Did you potentially get the dates of her work wrong?
Reply by Judy
She ought to get a W-two from each occupation that she received compensated from in 2014. Any EIC would be calculated based on the overall of her 2014 W-2s, and how numerous qualifying kids she has.
Would need to have to know what the quantity of her cash flow for 2014 is. If she is not commencing the next job until one/1/2011, she has no income from that but so will not likely get a W-two from them, and it does nothing at all toward EIC. If her only income for 2014 is from one/1/2010 to 1/17, entire time she may have created close to $ seven hundred – with a single child she’d get $ 247- with 3, maybe 326.
Solution by Frequent Feeling
No way to know. Not psychic.