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    jakaha's Avatar
    jakaha Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 15, 2009, 06:15 PM
    Minimum earned income required?
    Hello,
    I was wondering if there is a minimum earned income needed required to be eligible for earned income credit, child tax credit or stimulus.
    I only have 1 week of earned income that was taxed valued at $850.00 and my wife receives $132.00/wk child support.
    Also does money received from online poker have to be claimed as earned income with no previous taxes being paid and/or should taxes be paid from money received from online gambling about $40,000.00 in 2008.

    Thanks for any help, Jakaha
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Jan 15, 2009, 09:57 PM

    1. Stimulus rebate -- $3000 of eligible income.
    2. Child tax credit -- It is not refundable. It will only reduce your tax on your return up to $1,000. Online gambling income will result in income tax on your return.
    3. Child support is not an income.
    4. Any amount of income is good for Earned Income Credit. You will get it (may be about $100).
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Jan 16, 2009, 09:13 AM
    Legally, you ARE required to report the on-line gambling income, even though there is NO paper trail sent to the IRS because on-line gambling is ILLEGAL in the U.S.

    If you declare the on-line gambling income, you should get the Child Tax Credit, but NOT the Earned Income Credit.

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