Am I going to qualify for the earned income child credit?

This year I have been working for a company that pays cash, with no taxes taken out. I%26#039;m kind of worried cause next year when I file for taxes I might not qualify for the earned income child credit. I went to the H%26amp;R Block website to try their tax calculator, to get an estimate of what I might be getting next year. I put I got %26quot;another source of income %26quot;, and the results say I won%26#039;t be getting anything back, but I put %26quot;self employed%26quot; and I might be getting something back. So do I say I was self employed? Also I know I%26#039;m gonna have to pay alot of back taxes, how do I know how much I%26#039;m gonna have to pay back?

Am I going to qualify for the earned income child credit?

Sounds to me like you are self-employed, so that answers part of your question. It also sounds like you maybe should have been making estimated tax payments since you aren%26#039;t having taxes taken out of your pay. The %26quot;Earned Income Credit%26quot; is for earned income only, so if you enter %26#039;another source of income, you%26#039;re including unearned income, such as interest, grants, dividends, alimony (which is earned in my book, just not the IRS%26#039;s), and the like. These things do NOT qualify you for the EIC.

In order to know how much you%26#039;re going to have to pay back, you can actually fill out a 1040 now. You%26#039;re also going to need a Schedule C, Schedule SE, and Schedule EIC from what you%26#039;ve said here. Just use a copy of last year%26#039;s, available on the IRS website, or pick one up at an H%26amp;R Block office. This will NOT be an accurate tally for 2007, but will give you an idea of what you might owe. Another option would be to go into an office and ask a tax professional to help you figure it all out, just for this year. Once you get it straight, you might not need the assistance of a professional, although some people like to use a tax service just for the assurance that it%26#039;s done right. If this is the case, make sure you ask a lot of questions before you make an appointment, and be seen by a tax pro who is familiar with self-employment.

Have a great day - hope I helped!

Am I going to qualify for the earned income child credit?

If you are working or self-employed (which you apparently are) and you have a dependent child, you may qualify for the EIC. There is an online EIC Assistant that you can go through to see if you meet all of the EIC criteria.

http://www.irs.gov/individuals/article/0...

If you owe back taxes from previous years, those taxes will be paid from your EIC and you will get whatever is left if anything.

Am I going to qualify for the earned income child credit?

you must be self employed so you will get a tax bill next year, have a word with your employers