Need advice on Filing Taxes

[jenfroggie]

Member


I am a stay at home mother. I am curious if anyone knows how much I have to make as far as income before I am able to file taxes and get the earned income credit for my children.. Is it certain amount before they will let you claim or any amount of money you have received during the past year. I have received a few child support checks , only 3 actually, and have done some babysitting/child care on the side , but I am trying to figure out about taxes this year, to figure out about getting the extra money I got last year when I was working. It was about $3,000. I know I can let their stepfather claim them all but would be less money..so I am trying to find out how much money I needed to make this past year for me to be able to file taxes...
Please help..year is almost over...
Jenfroggie

 

[buddy2bear]

Internal Revenue can answer your question a lot better than people here can and you don't even have to tell them who you are. They also have a web site which I think is http://www.irs.gov and it has various forms, lists, pamphlets, which you can download and print (particularly the Earned Income Credit data sheet). However, I think you have to be working and earning wages to qualify for the earned income tax credit. Occasional babysitting is not really an income unless you make a lot of money at it (like a day care), in which case, you would have to pay taxes on what you make (social security, State, Federal, workers' comp., etc.) and I don't think you really want to open that can of worms do you?

 

[crager34]

What is income?

Pardon me, but buddy2bear is incorrect when he states "..you would have to pay taxes on what you make .." The law is quite clear here. With a bit of research in respect to the law, most of us would find we are not even liable to pay income taxes. Don't give me that BS about the money goes to something, cause our income tax dollars pay only interest on money that should have never been borrowed in the first place. You have a choice: Call me crazy and forget about it, or learn the law. Ignorance of the law is no excuse.

To answer your questiona) Imposition of tax table tax
(1) In general
In lieu of the tax imposed by section 1, there is hereby
imposed for each taxable year on the taxable income of every
individual -
(A) who does not itemize his deductions for the taxable year,
and
(B) whose taxable income for such taxable year does not
exceed the ceiling amount,
a tax determined under tables, applicable to such taxable year,
which shall be prescribed by the Secretary and which shall be in
such form as he determines appropriate. In the table so
prescribed, the amounts of the tax shall be computed on the basis
of the rates prescribed by section 1.
(2) Ceiling amount defined
For purposes of paragraph (1), the term ''ceiling amount''
means, with respect to any taxpayer, the amount (not less than
$20,000) determined by the Secretary for the tax rate category in
which such taxpayer falls.