Earned Income Credit Limits 2009
February 24th, 2009Question: How does the income limit work for the first time homeowner credit tax?
I know that you can receive up to $8,000 if you earn $75,000 or below, but is that $75,000 for 2008 or 2009? I am in sales and earned more than $75,000 this year, but I am assuming that I will barely skin $75,000 this year. Thanks for the help!
Also, if I bought this with my boyfriend, would we each be entitled to $8,000 or would it be split and/or pro-rated between us? Thanks!
Answer: It will be for 2009.
It is modified gross income so you will take your gross wages and subtract 401k contributions, health care premiums deducted from your check and any flexible spending contributions.
So if your gross earnings are $75,000 your modified gross income should be below that if you make any 401 k contributions or you pay for any of your health care premiums by having them deducted from your paycheck.
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