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i was getting 5060 dollors back from irs . but im in a investment

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comp. an it gave me...
i was getting 5060 dollors back from irs . but im in a investment comp. an it gave me 6000 dollar profit for the year and now i o 176 dollars.
Submitted: 4 years ago.Category: Tax
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Answered in 5 minutes by:
5/1/2013
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,211
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
Did you have a specific question?

JACUSTOMER-8ayvho9r- :

why is that 6000 dollar profit from the invest. comp. hurt me so bad.

Robin D :

For one possibility, your refund may have been from Earned Income Credit

Robin D :

If that is so then teh profit on the investment would have wiped that out based on teh EIC rules for investment income

JACUSTOMER-8ayvho9r- :

i only made 19000 for the year an then the 6000 a total of 24000 for the year/

Robin D :

Did your refund that you showed before come from EIC?

Robin D :

Are you still with me?

JACUSTOMER-8ayvho9r- :

yes

Robin D :

Unfortunately, if you have more then $3300 in investment income you are not allowed EIC.

JACUSTOMER-8ayvho9r- :

my cpa said my eic is disallowed because of the intrest income.

Robin D :

That is exactly right

Robin D :

That is why your refund went away

JACUSTOMER-8ayvho9r- :

ok thanks

Robin D :

Your positive rating is always thanks enough.

If you could also participate in the very short survey that Just Answer will send you by e-mail I would appreciate that very much.
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.

Robin D :

Did you have another question on this before you give a positive rating?

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,211
16,211 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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