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Kathleen Bishop

12 Days Ago

Eitc And Pod Sales

I never pay much attention at tax time. I just hand the figures over to a tax person and they take it from there. I will be doing my own 2019 taxes this year and will declare all POD earnings, as I do every other year.

So here's my question - does the EITC apply only to those who get a paycheck, or do POD earnings qualify as well?

Please don't ask me to consult a tax account, lol, this is just basic stuff that most people know, and that I would know if I had paid attention. I always qualified for EITC before but that was when I had traditional earned income.

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Chuck De La Rosa

12 Days Ago

It's based on specific criteria, owning a business qualifies for that.

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/earned-income

 

Kathleen Bishop

11 Days Ago

Thank you, Chuck! I've been filing a Schedule C in past years so if I can find free online software that includes that form, I should be good to go.

 

Chuck De La Rosa

11 Days Ago

That's how they get you to pay for the software Kathleen!

 

Kathleen Bishop

11 Days Ago

Oh poop.

 

Adam Jewell

11 Days Ago

I used Turbo Tax free version last year with schedule C and a little bit of stock dividends.

If your income is low, maybe less than 50k, maybe more like 30k. It’s free.

Search for turbo tax free edition. If you just go to TurboTax.com they make it really hard if not impossible to get to.

The free version doesn’t import from investment accounts but aside from that it works fine.

 

Bradford Martin

11 Days Ago

I was never able to use a free version of turbotax. Once you need to file a schedule C the price goes way up.

 

Adam Jewell

11 Days Ago

It depends on your income when using TurboTax but it IS FREE with a schedule C. I spent zero last year for federal and state filing with a schedule C and dividends/capital gains last year and there is a free version this year up to a certain income.

Start here:

https://turbotax.intuit.com/lp/ppc/2958

 

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