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If all I received this year was money pulled early from my retirement, can I still file for a return and still get EIC, and child tax credit?

I am hoping I can still get some money back even though I did not earn income but just withdrew my retirement early.
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4 Replies

If all I received this year was money pulled early from my retirement, can I still file for a return and still get EIC, and child tax credit?

You have to have earned income for EIC and a qualifying child for the child tax credit. 

If all I received this year was money pulled early from my retirement, can I still file for a return and still get EIC, and child tax credit?

Sorry---if you did not have income earned from working in 2022, you are not eligible for child-related credits like earned income credit or the child tax credit.   Tax year 2021 was the ONLY tax year for which you could get the child tax credit even if you did not work, but could claim a dependent under the age of 18.  The rules are back to the "old" rules for 2022 and beyond.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
dmertz
Level 15

If all I received this year was money pulled early from my retirement, can I still file for a return and still get EIC, and child tax credit?

If you took an early distribution from a retirement plan, you are required either to file a tax return or, if you have no other reason to file, to file Form 5329 stand-alone.

If all I received this year was money pulled early from my retirement, can I still file for a return and still get EIC, and child tax credit?

In January or early February you will receive a 1099R for the money you took from your retirement account.   You do not say how old you are--but mention taking it out "early."   You may be subject to a 10% early withdrawal penalty as well as ordinary tax.   You can enter the 1099R on your tax return.  If they do not mail you a 1099R you might need to obtain it by going online to your retirement account.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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