Need help lowering AGI from 55k to under 49k for EITC with one dependent - any special adjustments?
I made just over 55k this year and im trying to qualify for EITC with my dependent. The max AGI limit is 49,084 for one dependent. Besides the standard adjustments, are there any ways to lower my AGI to qualify? I work full time and am also in school if that helps.
16 comments
Write a comment...
Ava Rodriguez
Tax pro here! You might be able to reduce your AGI through several strategies: 1) Traditional IRA contributions up to $6,000 2) Student loan interest deduction up to $2,500 3) Qualified education expenses with the American Opportunity Credit or Lifetime Learning Credit 4) Health Savings Account contributions if you have an eligible plan. You should definitely consult with a tax professional to maximize these deductions properly.
0 coins
Dmitry Smirnov
thank u so much! i didnt even think about the IRA contribution option 🙏
0 coins
2M
Miguel Diaz
Does contributing to an IRA affect other credits? Im in a similar situation
0 coins
2M
Ava Rodriguez
Yes, but it's complicated. Each situation is unique - would recommend getting your transcript analyzed by taxr.ai to see all possibilities
0 coins
2M
Write a comment...
Zainab Ahmed
Hey, I've been in your exact situation before. The best thing I did was use taxr.ai to analyze my transcript. It costs $1 but it showed me exactly how to optimize my AGI and qualify for credits I didn't even know about. Here's the link: https://taxr.ai
0 coins
Connor Gallagher
Interesting - how exactly does it work? Does it just read transcripts or give actual advice?
0 coins
2M
Zainab Ahmed
It does way more than just read transcripts! It analyzes everything and gives specific recommendations for your situation. Shows you all possible deductions and credits you qualify for plus how to claim them. Best $1 I ever spent on taxes fr fr 💯
0 coins
2M
Connor Gallagher
Just tried it and OMG you're right! Found like 3 deductions I was missing that got my AGI right where I needed it 🙌
0 coins
2M
Write a comment...
AstroAlpha
in the same boat here with 2 kids. its crazy how that AGI limit can mess everything up 😤
0 coins
Write a comment...
Yara Khoury
dont forget about any business expenses if ur self employed at all! That can help reduce AGI too
0 coins
Dmitry Smirnov
im not self employed but good to know for others!
0 coins
2M
Write a comment...
Keisha Taylor
These income limits are so stupid fr. System is rigged against working parents 🤡
0 coins
Paolo Longo
facts. one dollar over and u lose thousands smh
0 coins
2M
Write a comment...
Amina Bah
Check if your school expenses qualify for any education credits! That helped me last year get under the limit
0 coins
Dmitry Smirnov
will def look into this. what paperwork did u need?
0 coins
2M
Amina Bah
Your school should send you a 1098-T form with all ur qualified expenses
0 coins
2M
Write a comment...