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What are the six tax benefits available to taxpayer

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Reference no: EM132595801

Earned Income Credit (EIC) Assignment

Question 1. Why does the IRS require that taxpayers have "earned income" to qualify for the Earned Income Tax Credit?

Question 2. What are the 6 tax benefits available to taxpayers with a qualifying child? (provided the person is eligible for each benefit)

Question 3. You can qualify for the Earned Income Tax Credit without having a qualifying child. What are the 4 rules you must meet to qualify for the Earned Income Tax Credit without a qualifying child?

Question 4. For purposes of the Earned Income Tax Credit, what is the definition of earned income?

Question 5. If a taxpayer was denied the Earned Income Tax Credit after 1996, are there any factors which would prohibit claiming the Earned Income Tax Credit for the current year?

Question 6. Is there anything that you would change regarding the Earned Income Tax Credit rules? Please give a detailed answer. If your answer is no, please explain your reasoning.

Question 7. What are the 4 tests required to have a qualifying child for purposes of the Earned Income Tax Credit?

Question 8. One of the requirements to take the Earned Income Tax Credit is that your Investment Income must be 3,300 or less. Why do you believe that the IRS has imposed this restriction?

Question 9. What are the 7 rules you must meet to qualify for the Earned Income Tax Credit?

Question 10. What are some examples of income that is not considered "earned income"?

Reference no: EM132595801

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