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2010 Estimated Taxes and the Earned Income Credit (EIC)
Now that the last estimated tax payment for 2009 is in the books, it’s time to tackle 2010 payments.
The IRS has made a series of changes that could affect the estimated tax payments you make in 2010. In order to get you prepared, we are going to dedicate a series of blog posts to highlight those changes.
First up is the earned income credit (EIC). According to the IRS, you may be able to take the EIC if:
- Three or more children lived with you and you earned less than $43,352 ($48,362 if married filing jointly),
- Two children lived with you and you earned less than $40,363 ($45,373 if married filing jointly),
- One child lived with you and you earned less than $35,535 ($40,545 if married filing jointly), or
- A child did not live with you and you earned less than $13,460 ($18,470 if married filing jointly).
The IRS adds that the maximum Adjusted Gross Income (AGI) you can have in and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit is still $3,100.
My wife, and I tried filing our taxes, married, filing jointly, on February 4, 2010. The tax preparer told us we weren’t
getting an Earned Income Tax Credit, because the Obama administration, and the IRS are claiming the IRS suffered a computer “glitch,” in 2009, and the IRS has to reimburse themselves, with the EIC’s they paid out in 2009. Please let me know whether this is correct, or not.
If it is, we’re losing $440, that we desperately need. Thank you.