Get $6000+ Back From IRS in Earned Income Tax Record (EITC)

Earned Income Tax Credit

What is Earned Income Tax Credit (EITC)?

EITC, or Earned Income Tax Credit, is a benefit for working people who have low to moderate income.   A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund.

EITC is also called EIC or Earned Income Credit.


To claim EITC on your tax return, you must meet all the following rules:

  • You, your spouse (if you file a joint return), and all others listed on Schedule EIC, must have a valid Social Security number
  • You must have earned income from working for someone else or running or operating a farm or business
  • Your filing status cannot be married filing separately
  • You must be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return
  • You cannot be a qualifying child of another person
  • You cannot file Form 2555 or Form 2555 EZ (related to foreign earned income)
  • You must meet the earned income, AGI and investment income limits (income limits change each year)
  • And you must meet one of the following:
    • Have a qualifying child (see who is a qualifying child below)
    • If you do not have a qualifying child, you must:
      • be age 25 but under 65 at the end of the year,
      • live in the United States for more than half the year, and
      • not qualify as a dependent of another person.

2013 tax year Earned Income and adjusted gross income (AGI) must each be less than:

  • $46,227 ($51,567 married filing jointly) with three or more qualifying children
  • $43,038 ($48,378 married filing jointly) with two qualifying children
  • $37,870 ($43,210 married filing jointly) with one qualifying child
  • $14,340 ($19,680 married filing jointly) with no qualifying children

Tax Year 2013 maximum credit is:

  • $6,044 with three or more qualifying children
  • $5,372 with two qualifying children
  • $3,250 with one qualifying child
  • $487 with no qualifying children

Investment income must be $3,300 or less for the year.

If you qualify for EITC, you have to file a tax return with the IRS, even if you owe no tax or are not required to file.

For additional information, go to the IRS website at http://www.irs.gov/Individuals/EITC,-Earned-Income-Tax-Credit,-Questions-and-Answers

 


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