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Unemployment 6 Months 2 Children?

By pay online Posted in: payment

Employed Jan-July, unemployment benefits Jul-Dec. I have a wife who is unable to work but no income, 2 children (9 and 1 just turned 19 beginning of Dec.) There is no other income from any source other than small unemployment payments. I know that income is taxable, but taking all else into consideration, how will this affect my tax returns?

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  1. htm18211 Says

    The Eaned Income Tax Credit and Child tax credit are computed from Earned Income, if you did not have any income, you would get nothing.
    If you file as married with two children, the exclusion amount for your taxable income is :
    11,600 + 4 * 3,700 = 11,600 + 14,800 = 26,400.
    If your Unemployment income is more than this number, you have to pay tax liability on the difference.
    Go here to find your tax liability:http://www.irs.gov/pub/irs-pdf/i1040tt.p…
    If your UI is less than 26,400, you could get back your F/W if any.

  2. A. G Says

    My brother only had unemployment and still received eic.
    Go to any tax prep site enter your info and dependents don’t forget socials if you don’t enter them it won’t compute your credits correctly.
    it will give u the exact number.
    You can get unemployment 1099 info on the website.
    You can save your info until you are ready to file and use the free version

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