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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Feb 08, 1990
Page
8
The Earned Income Credit helps low income families with children keep more of their earnings. Eligibility requires earned income and adjusted gross income under 19340, specific filing statuses, and a child living with the taxpayer. The credit may be up to 910 and refundable if no other taxes are owed.
Mortgage interest rules hinge on loan date and purpose. Before October 14, 1987 acquisition debt remains fully deductible with no limit. Loans after October 13, 1987 used for buying building or improving a home have a $1 million cap. Home equity debt is capped at $100,000 and fully deductible if under the limit unless funds are used for tax free income. For details, IRS Publication 545 explains interest expense.
The passage outlines essential tax records such as W-2 forms 1099 series schedules and proof of income. It notes typical audit windows of three years from the return due date or extensions, with no cutoff in cases of nonfiling or fraud, and references rules on home sale gains and reinvestment timelines.
The credit reduces taxes for older Americans based on income, filing status, and age. It applies if you meet citizen or resident status and age or disability criteria, and if your social security or railroad retirement is not fully taxable. Schedule R and Publication 524 explain qualifications and calculation. Call IRS at 1-800-424-3676 to order forms.
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