Waukesha Tax Preparation | Edith Christian CPA | Earned Income Tax Credit

 The Earned Income Tax Credit is something that should be taken advantage of especially in this economy.  Keep more of what you earn.
Full article from IRS here

EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.

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EITC Assistant--Find out if you qualify for EITC this year

Find out if you are eligible for EITC by answering questions and providing basic income information. The EITC Assistant also estimates the amount of your EITC. Click here for the English version of the EITC Assistant or o hag click aquí para seleccionar la Versión en Español del Asistente,

Quick Guide to Topics on this Page (please scroll down for the following topics and more) Do You Qualify for EITC? Need Help Preparing Your Return? Find information on EITC and other Public Benefits and Other Child-Related Tax Benefits Other Resources and Tips for Claiming EITC Resources and Tips if You Receive a Notice from IRS or are Audited IRS Reports on EITC Missing Children Link

Guides to Find Everything EITC Online For You, Publication 4935  For Return Preparers, Publication 4933

Find Specific EITC Information for: Tax Professionals Employers Partners Para información en español sobre EITC, vea "Información sobre los límites del Crédito por Ingreso del Trabajo." EITC Central hosts the Partner Toolkit, the Tax Return Preparer Toolkit, Marketing Express and Information for the Press.

Do You Qualify for EITC?

To qualify for EITC you must have earned income from employment, self-employment or another source and meet certain rules. Also, you must either meet the additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you.

Earned Income

 

Find out more about what is earned income here.

EITC Rules for Everyone

Find out about the rules you and your spouse, if you file a joint return, must meet to claim EITC.

Qualifying Child Rules

If you and your spouse, if filing a joint return, meet the EITC rules for Everyone and you have a child who lives with you, you may be eligible for EITC. Your child must pass the relationship, age, residency, and joint return tests to be your qualifying child. All four tests must be met for each child you claim. Find the rules for a qualifying child for EITC here.

Rules for those Without a Qualifying Child

If you and your spouse, if filing a joint return, meet the EITC Rules for Everyone and you do not have a qualifying child, you may be eligible for EITC. Find the rules for those without a qualifying child here.

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