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I do not qualify for the EIC its says I make 45,306 which is above the limit of 44,648. Is there a way to adjust my income, with a donation or IRA cont?
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I do not qualify for the EIC its says I make 45,306 which is above the limit of 44,648. Is there a way to adjust my income, with a donation or IRA cont?
You might be able to make a Traditional IRA and if you qualify to deduct it then it will lower your AGI but not your earned income. Both your earned income AND AGI have to be under the max.
And even if you can lower your AGI you won't get much back for EITC. Depending on income, EIC goes up, peaks, then goes down again to zero as income rises. So if you make near the max income to qualify, you will get a lower amount for EIC.
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I do not qualify for the EIC its says I make 45,306 which is above the limit of 44,648. Is there a way to adjust my income, with a donation or IRA cont?
You might be able to make a Traditional IRA and if you qualify to deduct it then it will lower your AGI but not your earned income. Both your earned income AND AGI have to be under the max.
And even if you can lower your AGI you won't get much back for EITC. Depending on income, EIC goes up, peaks, then goes down again to zero as income rises. So if you make near the max income to qualify, you will get a lower amount for EIC.
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