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October 08, 2011

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Robert D Flach

See my post "More on the Earned Income Credit" at http://wanderingtaxpro.blogspot.com/2011/10/more-on-earned-income-credit.html.

TWTP

Jeff Fouts

thanks for taking your time and sharing this wonderful article.

Mary O'Keeffe

Great point, Trish. The 1040 does not make our total bottom line federal income tax bill very salient. There is no line on the 1040 that actually tells us our 2010 federal income tax liability. In fact, to really figure out your federal income tax liability, you need to take the figure on line 55 and subtract from it all the credits on lines 62 through line 67. "But wait, there's more!" as they say on late night TV. You also have to subtract any credits on line 70 and 71. There are indeed quite a few middle class folks who paid 0 or even negative federal income taxes last year, thanks to refundable credits for adoption (if they adopted a kid), homebuyer credits (if they bought a home in the right months of 2010), and college tuition (if they had one or more kids in college in 2010.)

JG Larvan

Good point. It's always good to look at the source rather than blame anyone. It's hard to pinpoint anyone of those 47% especially if we don't know the people part of 'those people'.

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    A reader should seek advice from an independent tax adviser with respect to the information on this blog based on the reader’s particular circumstances. This advice is intended to be general information and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS regarding the transaction or matters discussed here.
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