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advanced earned income credit question


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  #1  
January 15th, 2011, 11:23 AM
SnowAngel's Avatar Mega Super Mommy
Join Date: Jan 2009
Location: Upper Michigan
Posts: 1,287
Do any of you do that? I was debating if we should or not. Dh brought home a paper saying his work now does if he wants to sign up for it. I am beginning to think it would be nice to have more money with paychecks instead of waiting till tax time. We already get a nice size refund but I know we can use the money now.
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  #2  
January 15th, 2011, 05:40 PM
8miraclez's Avatar Formerly Halfbaked
Join Date: Jul 2007
Posts: 7,472
My DH just started a new job and they do that. When we filled out his info, it came to 23 exemptions which just sounds like way too much but they explained it is for the earned income credit. For us, he will be making more at this job so I think we are going to just wait and get the money back at tax time, but if he were still at the same job, we would have done it because it's nice having the money when you need it and not have to wait for it.
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  #3  
January 17th, 2011, 11:32 AM
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Join Date: Jun 2008
Posts: 142
I'm not sure on this, because I only know what the job tells us. We were doing that and it was handy, but DH's work said that we can't do it anymore, because of something Obama signed into law?
Hmmm..I wonder now. If you're able to get it now, and it was offered, makes no sense that his company said otherwise. I need to investigate.
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  #4  
January 18th, 2011, 06:42 AM
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Join Date: Apr 2010
Location: Pennsylvania
Posts: 273
We've thought about doing this in the past. But....if we would receive it chunk by chunk every week, then I know it would be used for bills, food, ect. I like having a big return at the end that we can play and have some fun with.

As for the new Obama law, I'm not too sure. I haven't heard that one yet. I also didn't know that it was up to the company if you received it or not. I thought it was a federal thing and regardless the company had to comply, but I could be wrong.
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  #5  
January 19th, 2011, 10:40 AM
momoftwinsand1's Avatar Mega Super Mommy
Join Date: Sep 2005
Location: VA
Posts: 3,006
from what I understand they are no longer doing the advanced earned income credit.
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  #6  
January 19th, 2011, 12:11 PM
foxfire_ga79
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I've never even heard of it. I'll have to ask our CPA why it was never mentioned....
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