Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
lndalland
New Member

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?

And would that even be helpful? I see for 2 qual. kids the deduction is $5,572. Is that subtracted from what I currently OWE in fed taxes?
1 Best answer

Accepted Solutions
MichaelL1
Level 15

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.

View solution in original post

1 Reply
MichaelL1
Level 15

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.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~