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January 29, 2023
Question

The income total used to calculate our EIC is, again, not accurate (military retirement is not considered earned income). How do I correct this before filing?

  • January 29, 2023
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Employee
January 29, 2023

Your retirement income is not earned income, but it is added to your AGI, and it is used in the calculations to determine whether you get earned income credit.   Only the income you earned from working will be used for the credit, but the credit may be reduced if you had other income.

 

 for the Earned Income Credit—-the rules are back to the “old” rules—

Those under 25 and over 65 without children are not eligible as they were uniquely in 2021.   And you cannot use your income from any earlier tax year to get the EIC for a 2022 return.  There is no “lookback” for 2022.  EIC for 2022 will be based on the income you earned by working in 2022.

 

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

 

 

Earned Income Credit will be on line27 of your Form 1040.

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**