Author Topic: tax info  (Read 2956 times)

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
tax info
« on: December 30, 2010, 09:06:32 PM »
anyone know whats the most i can get from earned income credits for a family of 5? two adults and 3 children? whats the best amount of money to have made? I get paid when i bill - im trying to decide if I should bill my last few weeks now so it will go for 2010 or in a few days so it will go for 2011

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: tax info
« Reply #1 on: December 30, 2010, 10:10:11 PM »
anyone know whats the most i can get from earned income credits for a family of 5? two adults and 3 children? whats the best amount of money to have made? I get paid when i bill - im trying to decide if I should bill my last few weeks now so it will go for 2010 or in a few days so it will go for 2011

Does this help?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #2 on: December 30, 2010, 10:25:10 PM »
I saw that info already - i know the most i can earn, but if i recall correctly from last year - the rebates are a curve. I need a jewish kup to tell me the "best" amount to make. those numbers are the most that you can earn, but i think somewhere in the middle will give the most rebate whereas the closer you get to that peak number the less you will get. again, i think. thats why im asking.

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #3 on: December 30, 2010, 10:31:25 PM »
You are right at the lower end you can get as little as 1 dollar and so too on the higher end it does taper off. I'm on my mobile now I'll try to look it up on my pc when I get home.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: tax info
« Reply #4 on: December 30, 2010, 10:38:57 PM »
I saw that info already - i know the most i can earn, but if i recall correctly from last year - the rebates are a curve. I need a jewish kup to tell me the "best" amount to make. those numbers are the most that you can earn, but i think somewhere in the middle will give the most rebate whereas the closer you get to that peak number the less you will get. again, i think. thats why im asking.

Sorry, I can't help you with that.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #5 on: December 30, 2010, 10:42:15 PM »
You are right at the lower end you can get as little as 1 dollar and so too on the higher end it does taper off. I'm on my mobile now I'll try to look it up on my pc when I get home.
thanx so much!

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #6 on: December 30, 2010, 11:38:08 PM »
You are right at the lower end you can get as little as 1 dollar and so too on the higher end it does taper off. I'm on my mobile now I'll try to look it up on my pc when I get home.
do you have any idea where i can go to find the info? Ive been trying to search around but have come up emptyhanded

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #7 on: December 30, 2010, 11:49:29 PM »
do you have any idea where i can go to find the info? Ive been trying to search around but have come up emptyhanded
I'm looking right now, it's usually in the IRS booklet. It has a chart for it, many pages long.

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #8 on: December 30, 2010, 11:52:08 PM »
did you try searching on irs.gov?

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #9 on: December 30, 2010, 11:56:00 PM »
yup -but all i see is the max you can make

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #10 on: December 31, 2010, 12:12:32 AM »
AsherO - am i just too tired or was there just a post with a link up here? does that mean you realized it was wrong if you removed it?

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #11 on: December 31, 2010, 12:13:47 AM »
heres the one for 2009 it doesn't seem like the 2010 one is out yet
http://www.irs.gov/pub/irs-pdf/p596.pdf
for 2010 all I found is this
http://www.irs.gov/pub/irs-dft/p596--dft.pdf
which is a draft and only 4 pages long.
However if you look here http://www.hrblock.com/taxes/tax_calculators/rate_tables/earnedincome_childtax.html you will see that the numbers are not that different (the max only changed by about 75 dollars) so the if you work with those numbers you should be fine.

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #12 on: December 31, 2010, 12:20:37 AM »
thanx elikay and asherO for your help!  :)
btw asherO your link was quite helpful even though you removed it!!

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #13 on: December 31, 2010, 12:22:35 AM »
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?DocID=36&Topic2id=40&Topic3id=42
If you look closely the number for 2009 are off by 30 dollars, I cant explain it.
I will be back soon let meknow what you think
Here's one more link
http://en.wikipedia.org/wiki/Earned_Income_Tax_Credit#EIC_Table.2C_2009

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30535
  • Total likes: 7832
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: tax info
« Reply #14 on: December 31, 2010, 12:29:12 AM »
thanx elikay and asherO for your help!  :)
btw asherO your link was quite helpful even though you removed it!!

I removed it because it is for 2009 (as elikay noted), so it isn't current.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #15 on: December 31, 2010, 12:46:53 AM »
its interesting bec the charts show that from 12,550 up until 21,450 gives the max, but the wikipedia link is showing 16,420 as min, and the other chart also says minimum 16,420 - even though it says minimum income for max credit is 12,550. i cant seem to figure out the dif bet the two columns. im getting dizzy!
now i  have to see if the last few weeks would even put me over the top, since i did not work much last year.
thanx again for all your help guys!!!

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #16 on: December 31, 2010, 01:02:20 AM »
Ok, you are making a mistake. There is a phase-in stage where you slowly phase in to the credit until you reach the full credit of 5657. That phase-in stage begins at 0 and ends at 12570 (I'm working with '09 numbers from the Wikipedia link) then it reaches a plateau where the credit remains the same until 16420, then it begins to phase-out slowly with the credit shrinking as the income reaches 43279 when you would not receive anything.

               12570_____________16420
                  /                           \
               /                                \
            /                                     \
         0                                     43279

Offline est

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 456
  • Total likes: 20
  • DansDeals.com Hat Tips 0
    • View Profile
Re: tax info
« Reply #17 on: December 31, 2010, 10:52:03 AM »
help! then why are all the charts showing the same credit up until 21,450? where does that number come from?

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: tax info
« Reply #18 on: December 31, 2010, 11:15:10 AM »
Married filing jointly can (or on the lower end - must) make 5000 dollars more for '09 and 5100 dollars more for '10.