English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

(PLEASE LIST SOURCES)

2007-01-21 01:46:41 · 3 answers · asked by Dustan B 2 in Business & Finance Taxes Other - Taxes

3 answers

The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-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 the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

To qualify, taxpayers must meet certain requirements and file a tax return, even if they did not earn enough money to be obligated to file a tax return.

The EITC has no effect on certain welfare benefits. In most cases, EITC payments will not be used to determine eligibility for Medicaid, Supplemental Security Income (SSI), food stamps, low-income housing or most Temporary Assistance for Needy Families (TANF) payments.



Will you qualify for EITC this year?
Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering some questions and providing basic income information using the EITC Assistant. Available in English and Spanish.

2007-01-21 13:12:14 · answer #1 · answered by Mother of 5/Madre de 5 3 · 0 0

The earned income credit, or EIC, is a refundable credit for workers who meet certain requirements and file a tax return. Persons with or without a qualifying child may claim the EIC. The maximum credit you can get will depend on whether you have no qualifying children, one qualifying child, or more than one qualifying child. Additionally, the maximum credit possible can change each year due to inflationary adjustments. See Publication 596, Earned Income Tax Credit, to find the maximum credit available. Publication 596 is available for download, or you may request a copy by calling 1–800–829–3676.

2007-01-21 03:11:12 · answer #2 · answered by Eva 5 · 0 0

596

2015-03-05 12:39:13 · answer #3 · answered by William 1 · 0 0

fedest.com, questions and answers