In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.

earned income credit?? what is that?

KSUmarksmanKSUmarksman Member Posts: 10,705 ✭✭✭
edited May 2009 in General Discussion
got a letter from thieves-R-us...I mean IRS saying I am eligible for something called earned income credit and I have not applied for it...
so they want me to answer 4 questions and send the form back.

what is it?
I am assuming it has something to do with the fact that as a student, my income was pitiful and I was mainly living off student loans.


I was kinda hoping they would just send me the refund I am supposed to get and settled at that...
· Share on FacebookShare on Twitter

Comments

  • grumpygygrumpygy Member Posts: 48,464 ✭✭✭
    edited November -1
    From IRS its self.


    quote:Q1. What is the Earned Income Tax Credit (EITC)?

    A1. The earned income credit (EITC) is a tax credit for certain people who work and have low wages. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EITC may also give you a refund.
    · Share on FacebookShare on Twitter
  • slipgateslipgate Member Posts: 12,741
    edited November -1
    A tex "credit" is money that you get even if you paid 0 taxes. It is part of what is wrong with our tax system.
    · Share on FacebookShare on Twitter
  • COLTCOLT Member Posts: 12,637 ******
    edited November -1
    quote:I am assuming it has something to do with the fact that as a student, my income was pitiful

    ...I think, you answered your on question...[;)]


    ani-texas-flag-2.gif
    · Share on FacebookShare on Twitter
  • KSUmarksmanKSUmarksman Member Posts: 10,705 ✭✭✭
    edited November -1
    quote:Originally posted by slipgate
    A tex "credit" is money that you get even if you paid 0 taxes. It is part of what is wrong with our tax system.


    see, now I don't want it...but I'm afraid that if I don't respond I will not get the normal refund that I DO deserve...


    I know! I'll buy AMMO and have a giveaway [;)]
    · Share on FacebookShare on Twitter
  • mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
    edited November -1
    A gift from me to you [xx(]
    Why don't we go to school and work on the weekends and take the week off!
    · Share on FacebookShare on Twitter
  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    Simply think of it as a "welfare payment" from those of us that don't get our taxes refunded April 15th.

    Most of it has to do with children, but I guess if you make very little money you can qualify without kids.

    My own fiancee used to get all of her taxes back, plus another couple thousand that came out of everyone elses pockets,......including mine. This was prior to me of course![:0]

    I have not received a tax refund since about the age of 20.[;)]

    Edit: If I am going to be robbed,.....I prefer it to be done by a fellow gun-owner![:D]
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
    · Share on FacebookShare on Twitter
  • n/an/a Member Posts: 168,427 ✭
    edited November -1
    quote:Originally posted by Marc1301
    Simply think of it as a "welfare payment" from those of us that don't get our taxes refunded April 15th.

    Most of it has to do with children, but I guess if you make very little money you can qualify without kids.

    My own fiancee used to get all of her taxes back, plus another couple thousand that came out of everyone elses pockets,......including mine. This was prior to me of course![:0]

    I have not received a tax refund since about the age of 20.[;)]

    Edit: If I am going to be robbed,.....I prefer it to be done by a fellow gun-owner![:D]



    +1
    · Share on FacebookShare on Twitter
  • hehatemehehateme Member Posts: 724 ✭
    edited November -1
    quote:Originally posted by slipgate
    A tex "credit" is money that you get even if you paid 0 taxes. It is part of what is wrong with our tax system.


    You won't get it if you made 0 dollars. My sister in law has not worked in years, when her and my brother separated, she filed and claimed the kid, she got nothing back. Before my wife and I got married, we did our taxes seperatley to see if it would make a difference, she would get nothing from the govt. if she didn't work and claimed our kid. So if you DO NOT have any income, you won't get the earned income tax credit.
    · Share on FacebookShare on Twitter
  • sig232sig232 Member Posts: 8,018
    edited November -1
    Basically a redistribution of monies from the high paid side of the work force to those who make less than a certain level of income.

    If that money helps a student struggling to get an education I am happy that you get the credit. Its a "hand up" to a fellow gun owner not a "hand out!"
    · Share on FacebookShare on Twitter
  • neacpaneacpa Member Posts: 2,709 ✭✭✭
    edited November -1
    Earned Income Tax Credit - IMO, the biggest tax fraud ever developed. It has turned the tax system into a welfare system. Thousands (probably hundreds of thousands) are illegally using this and there is very little in the system to catch it. Gives lower income people a refund even though they pay no taxes. Primarily targets low income people with children, however if a person is between ages 25-65 and income is less than around $12,000 and they are not claimed as a dependent on someone else's tax return or filing married filing separately, they are entitled to a smaller earned income tax credit (up to a little over $400.)
    · Share on FacebookShare on Twitter
  • KSUmarksmanKSUmarksman Member Posts: 10,705 ✭✭✭
    edited November -1
    quote:Originally posted by sig232
    Basically a redistribution of monies from the high paid side of the work force to those who make less than a certain level of income.

    If that money helps a student struggling to get an education I am happy that you get the credit. Its a "hand up" to a fellow gun owner not a "hand out!"


    meh, I'll take it this year...
    I've graduated (provided that I've passed radiation therapy practicum this term) so that means I'll pay it back tenfold (or more) in 2009 taxes when I am working as a clinical med. physicist [;)]
    · Share on FacebookShare on Twitter
Sign In or Register to comment.