1040EZ Tips on Earned Income Credit (EIC)

Video Preview

Introduction

Tax and EIC help! Find out how to qualify for Earned Income Credit in this free video clip on tax tips.

By: Tom Noah

Source: Expert Village

Length: 2:05

Comments: 0

Tags: tax forms taxes

Transcript | Flag | RSS

All Videos In The Series, "How to Complete and File a 1040EZ Tax Form"

Post a Comment

POST A COMMENT

Request a New How-To Video Article

Looking for more How To information? Chances are there’s an eHow member who knows how to do what you’re looking to do. Submit an article request now!

Video Transcript

"We're now going to calculate the earned income credit for a couple who did qualify for this. On their Form 1040EZ, line "1", their income was $12,560, which is below the limit of $14,590 for married couples. I'm looking at page 12 of the Form 1040EZ instructions, and on this page I'll put $12,560 and then look through the other amounts and qualifying statements that they have on this and nothing here applies so my total earned income is $12,560. Next we go to page 13 of the instructions and on line "1" put $12,560 which is what we determined and is on page 12, and we go next to page 14 and look up the amount for a joint filer and we see that $12,560 for married filing jointly is $154 so we put this in box "2". And then on line "3" we enter the amount from 1040EZ line "4", which is the same as line "1", $12,560. Since the amounts are the same on question "4", you check "yes" and then skip line "5" and go directly to line "6", and on line "6" we put in $154 from line "2". The line "6", $154 amount that is the amount that you want to enter on line "8A". When you get to line "8A" and enter this, you'll add this to line "7", which is the tax that was withheld and add this up and that will become your total tax payments."

eHow Article: 1040EZ Tips on Earned Income Credit (EIC)

Expert Village: Tom Noah

Tom Noah

Video Series: Personal Finance

Related Ads

Personal Finance

mpcussen
Meet Mark P Cussen, CFP, CMFC eHow’s Personal Finance Expert.

Our mission is to build a world-class repository of how-to videos and articles featuring advice from recognized experts in their fields.

ExpertVillage Videos