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Printable Form 1040 (Schedule Eic) Wichita Falls Texas: What You Should Know

You may have a deduction based on your adjusted gross income (AGI) if you have earned income from sources such as employment of self and other, interest, dividends and annuities, and annuity payments. In addition, a deduction can be claimed based on your “gift giving, giving away, or donating” (GB) income. (Please note, income from a personal trust will not have tax-deferred status. See The Basics of Giving Trusts). ▻ The following examples are based on the income of a married couple residing in Wichita Falls, Texas. Example 1: A married couple and their 3 children live in Wichita Falls, Texas. The couple earns 8,000 a year while having 4 full-time-employed children, 3 who are children of the married couple and 2 who are their own children. Example 2: A married couple and their 9 children, 5 children's children and 1 foster child live in Wichita Falls, Texas. The couple earns 10,000 a year while having 9 children, 5 children's children and 5 foster children who live at home. For more information on the income test, please see IRS Pub. 575.

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