Solved: True Critter2...but its difficult to wait for the refunda...

Lauriethecook · ‎June 3, 2019

True Critter2...but its difficult to wait for the refundable credits when you're grossing less than $19,000 and raising kids. For me-when I was getting eic-it was akin to almost drowning and just keeping my nose out of the water till I got the money to catch everything back up and pay a little ahead because I lived and worked in a resort town where the winters are long and hard Lol!

Lauriethecook · ‎June 3, 2019

Yes ma'am SweetieJean but it seems like that amount split up over the whole year doesn't help as much as you'd think some years. That is good advice though. And you're right-changes may be coming!

Critter · ‎June 3, 2019

Yes, I understand how much the EIC counts to the annual income for those in the most need however the credits were not always around and when they started they were no where near as large and people still seemed to make ends meet somehow.

Sadly these credits that were originally intended to help the working poor pay no federal, SS & medicare taxes has morphed into a annual "lottery" winning that supplements 20% - 40% of their annual income ... again basically a welfare program that has no right to be written into the income tax code. The IRS has been tasked with administering this non tax program which they have struggled to do with less and less funding each year. We will have to see what the new administration will do about these issues in the coming years.

Lauriethecook · ‎June 3, 2019

Yes Critter#2 I see your point-and its a valid one. I'm sure changes are coming down the pipe with President Trump. You are right-we all got by before those credits,but I personally am glad they were there for me. The most i can do now is help my kids the best I can. I still don't earn much,but it goes farther now that I'm only supporting myself so I help my kids make ends meet.