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taunia25
New Member

I am a full-time graduate student, living entirely on student loans. Can we still earn a refund with the child tax credits? Only other income was plasma donation.

 
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JulieH1
New Member

I am a full-time graduate student, living entirely on student loans. Can we still earn a refund with the child tax credits? Only other income was plasma donation.

As a general matter, the money you receive for donating plasma is taxable income. That income must be reported on your tax returns whether or not you get a 1099 from the plasma center.

Once you enter your plasma donation income, TurboTax will help you determine if you qualify for EIC.  While your student loans are not income, the fact that you have income from the plasma donation should help you qualify.  I have put EIC information below.

How to report in TurboTax
  1. Select Federal Taxes
        In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
  2. Select Wages & Income, and in the new screen, click I'll choose what I work on.
  3. Scroll down the Your Income Summary screen until you see the Less Common Income section.
  4. Click on the Start/Update button next to the Miscellaneous Income, 1099-A, 1099-C category.
  5. Click on the Start/Update button next to Other reportable income
  6. Follow the prompts.

In order to get the earned income credit (EIC), you must have "earned income" that falls within these brackets

For Tax Year 2017, the EITC phases out entirely (is not available) for taxpayers with an adjusted gross income of:

  • $15,010 with no Qualifying Children ($20,600 if married filing jointly)
  • $39,617 with one Qualifying Child ($45,207 if married filing jointly)
  • $45,007 with two Qualifying Children ($50,597 if married filing jointly)
  • $48,340 with three or more Qualifying Children ($53,930 if married filing jointly)

.For more information on EIC, see:

https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/earned-income-credit/L4lmLBNWa

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1 Reply
JulieH1
New Member

I am a full-time graduate student, living entirely on student loans. Can we still earn a refund with the child tax credits? Only other income was plasma donation.

As a general matter, the money you receive for donating plasma is taxable income. That income must be reported on your tax returns whether or not you get a 1099 from the plasma center.

Once you enter your plasma donation income, TurboTax will help you determine if you qualify for EIC.  While your student loans are not income, the fact that you have income from the plasma donation should help you qualify.  I have put EIC information below.

How to report in TurboTax
  1. Select Federal Taxes
        In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
  2. Select Wages & Income, and in the new screen, click I'll choose what I work on.
  3. Scroll down the Your Income Summary screen until you see the Less Common Income section.
  4. Click on the Start/Update button next to the Miscellaneous Income, 1099-A, 1099-C category.
  5. Click on the Start/Update button next to Other reportable income
  6. Follow the prompts.

In order to get the earned income credit (EIC), you must have "earned income" that falls within these brackets

For Tax Year 2017, the EITC phases out entirely (is not available) for taxpayers with an adjusted gross income of:

  • $15,010 with no Qualifying Children ($20,600 if married filing jointly)
  • $39,617 with one Qualifying Child ($45,207 if married filing jointly)
  • $45,007 with two Qualifying Children ($50,597 if married filing jointly)
  • $48,340 with three or more Qualifying Children ($53,930 if married filing jointly)

.For more information on EIC, see:

https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/earned-income-credit/L4lmLBNWa

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