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Www freetaxhelp com Publication 596 - Introductory Material Table of Contents Future Developments What is the EIC? Can I Claim the EIC? Do I Need This Publication? Do I Have To Have A Child To Qualify For The EIC? How Do I Figure the Amount of EIC? How Can I Quickly Locate Specific information? Is There Help Online? What's New for 2013 Reminders Future Developments For the latest information about developments related to Publication 596, such as legislation enacted after it was published, go to www. Www freetaxhelp com irs. Www freetaxhelp com gov/pub596. Www freetaxhelp com What is the EIC? The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $51,567. Www freetaxhelp com A tax credit usually means more money in your pocket. Www freetaxhelp com It reduces the amount of tax you owe. Www freetaxhelp com The EIC may also give you a refund. Www freetaxhelp com Can I Claim the EIC? To claim the EIC, you must meet certain rules. Www freetaxhelp com These rules are summarized in Table 1. Www freetaxhelp com Table 1. Www freetaxhelp com Earned Income Credit in a Nutshell First, you must meet all the rules in this column. Www freetaxhelp com Second, you must meet all the rules in one of these columns, whichever applies. Www freetaxhelp com Third, you must meet the rule in this column. Www freetaxhelp com Chapter 1. Www freetaxhelp com  Rules for Everyone Chapter 2. Www freetaxhelp com  Rules If You Have a Qualifying Child Chapter 3. Www freetaxhelp com  Rules If You Do Not Have a Qualifying Child Chapter 4. Www freetaxhelp com  Figuring and Claiming the EIC 1. Www freetaxhelp com Your adjusted gross income (AGI) must be less than:  • $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children,  • $43,038 ($48,378 for married filing jointly) if you have two qualifying children,  • $37,870 ($43,210 for married filing jointly) if you have one qualifying child, or   • $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Www freetaxhelp com 2. Www freetaxhelp com You must have a valid social security number. Www freetaxhelp com   3. Www freetaxhelp com Your filing status cannot be Married filing separately. Www freetaxhelp com   4. Www freetaxhelp com You must be a U. Www freetaxhelp com S. Www freetaxhelp com citizen or resident alien all year. Www freetaxhelp com   5. Www freetaxhelp com You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income). Www freetaxhelp com   6. Www freetaxhelp com Your investment income must be $3,300 or less. Www freetaxhelp com    7. Www freetaxhelp com You must have earned income. Www freetaxhelp com 8. Www freetaxhelp com Your child must meet the relationship, age, residency, and joint return tests. Www freetaxhelp com   9. Www freetaxhelp com Your qualifying child cannot be used by more than one person to claim the EIC. Www freetaxhelp com   10. Www freetaxhelp com You cannot be a qualifying child of another person. Www freetaxhelp com 11. Www freetaxhelp com You must be at least age 25 but under age 65. Www freetaxhelp com    12. Www freetaxhelp com You cannot be the dependent of another person. Www freetaxhelp com   13. Www freetaxhelp com You cannot be a qualifying child of another person. Www freetaxhelp com   14. Www freetaxhelp com You must have lived in the United States more than half of the year. Www freetaxhelp com 15. Www freetaxhelp com Your earned income must be less than:  • $46,227 ($51,567 for married filing jointly) if you have three or more qualifying children,  • $43,038 ($48,378 for married filing jointly) if you have two qualifying children,  • $37,870 ($43,210 for married filing jointly) if you have one qualifying child, or  • $14,340 ($19,680 for married filing jointly) if you do not have a qualifying child. Www freetaxhelp com Do I Need This Publication? Certain people who file Form 1040 must use Worksheet 1 in this publication, instead of Step 2 in their Form 1040 instructions, when they are checking whether they can take the EIC. Www freetaxhelp com You are one of those people if any of the following statements are true for 2013. Www freetaxhelp com You are filing Schedule E (Form 1040). Www freetaxhelp com You are reporting income from the rental of personal property not used in a trade or business. Www freetaxhelp com You are reporting income on Form 1040, line 21, from Form 8814 (relating to election to report child's interest and dividends). Www freetaxhelp com You are reporting an amount on Form 1040, line 13, that includes an amount from Form 4797. Www freetaxhelp com If none of the statements above apply to you, your tax form instructions have all the information you need to find out if you can claim the EIC and to figure the amount of your EIC. Www freetaxhelp com You do not need this publication. Www freetaxhelp com But you can read it to find out whether you can take the EIC and to learn more about the EIC. Www freetaxhelp com Do I Have To Have A Child To Qualify For The EIC? No, you can qualify for the EIC without a qualifying child if you are at least age 25 but under age 65 and your earned income is less than $14,340 ($19,680 if married filing jointly). Www freetaxhelp com See chapter 3. Www freetaxhelp com How Do I Figure the Amount of EIC? If you can claim the EIC, you can either have the IRS figure the amount of your credit, or you can figure it yourself. Www freetaxhelp com To figure it yourself, you can complete a worksheet in the instructions for the form you file. Www freetaxhelp com To find out how to have the IRS figure it for you, see chapter 4. Www freetaxhelp com How Can I Quickly Locate Specific information? You can use the index to look up specific information. Www freetaxhelp com In most cases, index entries will point you to headings, tables, or a worksheet. Www freetaxhelp com Is There Help Online? Yes. Www freetaxhelp com You can use the EITC Assistant at www. Www freetaxhelp com irs. Www freetaxhelp com gov/eitc to find out if you may be eligible for the credit. Www freetaxhelp com The EITC Assistant is available in English and Spanish. Www freetaxhelp com What's New for 2013 Earned income amount is more. Www freetaxhelp com The maximum amount of income you can earn and still get the credit has increased. Www freetaxhelp com You may be able to take the credit if: You have three or more qualifying children and you earned less than $46,227 ($51,567 if married filing jointly), You have two qualifying children and you earned less than $43,038 ($48,378 if married filing jointly), You have one qualifying child and you earned less than $37,870 ($43,210 if married filing jointly), or You do not have a qualifying child and you earned less than $14,340 ($19,680 if married filing jointly). Www freetaxhelp com Your adjusted gross income also must be less than the amount in the above list that applies to you. Www freetaxhelp com For details, see Rules 1 and 15. Www freetaxhelp com Investment income amount is more. Www freetaxhelp com The maximum amount of investment income you can have and still get the credit has increased to $3,300. Www freetaxhelp com See Rule 6—Your Investment Income Must Be $3,300 or Less . Www freetaxhelp com Reminders Increased EIC on certain joint returns. Www freetaxhelp com . Www freetaxhelp com  A married person filing a joint return may get more EIC than someone with the same income but a different filing status. Www freetaxhelp com As a result, the EIC table has different columns for married persons filing jointly than for everyone else. Www freetaxhelp com When you look up your EIC in the EIC Table, be sure to use the correct column for your filing status and the number of children you have. Www freetaxhelp com Earned income credit has no effect on certain welfare benefits. Www freetaxhelp com  Any refund you receive because of the EIC cannot be counted as income when determining whether you or anyone else is eligible for benefits or assistance, or how much you or anyone else can receive, under any federal program or under any state or local program financed in whole or in part with federal funds. Www freetaxhelp com These programs include the following. Www freetaxhelp com Temporary Assistance for Needy Families (TANF). Www freetaxhelp com Medicaid. Www freetaxhelp com Supplemental security income (SSI). Www freetaxhelp com Supplemental Nutrition Assistance Program (food stamps). Www freetaxhelp com Low-income housing. Www freetaxhelp com In addition, when determining eligibility, the refund cannot be counted as a resource for at least 12 months after you receive it. Www freetaxhelp com Check with your local benefit coordinator to find out if your refund will affect your benefits. Www freetaxhelp com Do not overlook your state credit. Www freetaxhelp com  If you can claim the EIC on your federal income tax return, you may be able to take a similar credit on your state or local income tax return. Www freetaxhelp com For a list of states that offer a state EIC, go to www. Www freetaxhelp com irs. Www freetaxhelp com gov/eitc. Www freetaxhelp com EIC questioned by IRS. Www freetaxhelp com  The IRS may ask you to provide documents to prove you are entitled to claim the EIC. Www freetaxhelp com We will tell you what documents to send us. Www freetaxhelp com These may include: birth certificates, school records, etc. Www freetaxhelp com The process of establishing your eligibility will delay your refund. Www freetaxhelp com Spanish version of Publication 596. Www freetaxhelp com  You can order Publicación 596SP, Crédito por Ingreso del Trabajo, from the IRS. Www freetaxhelp com It is a Spanish translation of Publication 596. Www freetaxhelp com See How To Get Tax Help to find out how to order this and other IRS forms and publications. Www freetaxhelp com Photographs of missing children. Www freetaxhelp com  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www freetaxhelp com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www freetaxhelp com You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Www freetaxhelp com Comments and suggestions. Www freetaxhelp com  We welcome your comments about this publication and your suggestions for future editions. Www freetaxhelp com You can write to us at the following address:  Internal Revenue Service Individual Forms and Publications Branch 1111 Constitution Ave. Www freetaxhelp com NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Www freetaxhelp com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www freetaxhelp com You can send your comments from www. Www freetaxhelp com irs. Www freetaxhelp com gov/formspubs/. Www freetaxhelp com Click on “More Information” and then on “Comment on Tax Forms and Publications. Www freetaxhelp com ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Www freetaxhelp com Ordering forms and publications. Www freetaxhelp com  Visit www. Www freetaxhelp com irs. Www freetaxhelp com gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www freetaxhelp com  Internal Revenue Service 1201 N. Www freetaxhelp com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www freetaxhelp com  If you have a tax question, check the information available on IRS. Www freetaxhelp com gov or call 1-800-829-1040. Www freetaxhelp com We cannot answer tax questions sent to either of the above addresses. Www freetaxhelp com Prev  Up  Next   Home   More Online Publications
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Weigh Your Options

Fixed rate and adjustable rate mortgages are the two main types of mortgages, but there is a wide variety of other mortgage products available. Below are pros and cons of just a few of the mortgage products you may want to consider.

Type of Mortgage

Pros Cons
Fixed-rate mortgage No surprises The interest rate stays the same over the entire term, usually 15, 20 or 30 years. If interest rates fall, you could be stuck paying a higher rate.
Adjustable-rate (ARM) or variable-rate mortgage Usually offers a lower initial rate of interest than fixed-rate loans. After an initial period, rates fluctuate over the life of the loan When interest rates rise, generally so do your loan payments.
FHA (Federal Housing Administration) loan Allows buyers who may not qualify for a home loan to obtain one Low down payment. The size of your loan may be limited.
VA loan Guaranteed loans for eligible veterans, active duty personnel and surviving spouses Offers competitive rates, low or no down payments. The size of your loan may be limited.
Balloon mortgage Usually a fixed rate loan with relatively low payments for a fixed period. After an initial period, the entire balance of the loan is due immediately This type of loan may be risky for some borrowers.
Interest-only Borrower pays only the interest on the loan, in monthly payments, for a fixed term. After an initial period, the balance of the loan is due. This could mean much higher payments, paying a lump sum or refinancing.
Reverse mortgage Allows seniors to convert equity in their homes to cash; you don't have to pay back the loan and interest as long as you live in the house. Subject to aggressive lending practices and false advertising promises, particularly by lenders that prey on seniors. Check to make sure the loan is Federally insured.

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Www freetaxhelp com 11. Www freetaxhelp com   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Www freetaxhelp com Generally, references to taxes on Form 720 include this fee. Www freetaxhelp com Specified health insurance policies. Www freetaxhelp com   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. Www freetaxhelp com 00, multiplied by the average number of lives covered under the policy for that policy year. Www freetaxhelp com Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. Www freetaxhelp com The actual count method. Www freetaxhelp com For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. Www freetaxhelp com The snapshot method. Www freetaxhelp com For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. Www freetaxhelp com The member months method. Www freetaxhelp com And, 4. Www freetaxhelp com The state form method. Www freetaxhelp com The member months data and the data reported on state forms are based on the calendar year. Www freetaxhelp com To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. Www freetaxhelp com For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. Www freetaxhelp com Applicable self-insured health plans. Www freetaxhelp com   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. Www freetaxhelp com 00, multiplied by the average number of lives covered under the plan for that plan year. Www freetaxhelp com Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. Www freetaxhelp com Actual count method. Www freetaxhelp com Snapshot method. Www freetaxhelp com Form 5500 method. Www freetaxhelp com However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. Www freetaxhelp com Reporting and paying the fee. Www freetaxhelp com   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Www freetaxhelp com If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. Www freetaxhelp com If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. Www freetaxhelp com 30)), do not make an entry on the line for IRS No. Www freetaxhelp com 133 on those filings. Www freetaxhelp com   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). Www freetaxhelp com   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. Www freetaxhelp com See Electronic deposit requirement under How To Make Deposits in chapter 13, later. Www freetaxhelp com More information. Www freetaxhelp com   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. Www freetaxhelp com D. Www freetaxhelp com 9602, which is on page 746 of I. Www freetaxhelp com R. Www freetaxhelp com B. Www freetaxhelp com 2012-52 at www. Www freetaxhelp com irs. Www freetaxhelp com gov/pub/irs-irbs/irb12-52. Www freetaxhelp com pdf. Www freetaxhelp com Prev  Up  Next   Home   More Online Publications