Earned Income Credit

Forum|Forum|6 years ago
March 19, 2020
1 reply
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I have earned 2200.00 in actual wages for 2019. The rest of my 'income' is from a retirement pension and investment income. I'm being told I do not qualify for the EIC because my AGI is too high. I thought it was based on earned wages only; it states in the 'help' within Turbo Tax that retirement and investment income does not count. I am a Single filer, with no dependent children.

Thanks.

Best answer by CatinaT1

Your EIC is calculated based on your earned income, but also, your tax year investment income must be $3,600 or less for the year.

In addition, both your earned income and adjusted gross income (AGI) must be no more than $15,570 for single with no dependents.

This IRS link will give you more information: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/do-i-qualify-for-earned-income-tax-credit-eitc

CatinaT1Answer

Level 15

Your EIC is calculated based on your earned income, but also, your tax year investment income must be $3,600 or less for the year.

In addition, both your earned income and adjusted gross income (AGI) must be no more than $15,570 for single with no dependents.

This IRS link will give you more information: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/do-i-qualify-for-earned-income-tax-credit-eitc

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ladybugginAuthor

Level 2

Thanks for your reply. Your answer and the little video I found were very helpful. I just needed to read the full description of the EIC in your Help menus. Where I confused myself was when I clicked on the 'earned income' link, which is only to clarify what earned income is, and not how to qualify for the EIC.

Thanks again! - ss