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760 Adj Form

760 Adj Form

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all right for this video i want to talk about the delaware state earned income tax credit so we're all very familiar with the federal earned income tax credit right this is reported on your form 1040 and it is a federal tax credit that is available to taxpayers with lower incomes that either have qualifying children or do not right so in our example here we're going to look at a case where john q taxpayer he's a single filer with no qualifying children so he doesn't have any dependents but he is still eligible for the federal and state eic because of his income levels so delaware generally computes their state earned income tax credit as a percentage of the federal so what that means is you have to start with your form 1040 return compute the federal portion and then move on to whatever the state portion might be so in our example here we've got a 1040 for john q taxpayer again remember he's a single filer he has no dependents so no quali

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