The Earned Income Tax Credit (EITC), sometimes referred to as EIC, is a tax credit to help individuals keep more of what they earn. Low to moderate income working individuals and families may qualify for the refundable federal income tax credit. To qualify persons must have earned income from employment, self-employment or other source that meets specified criteria. Also, individuals must either meet the additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for them.
How to Claim the EITC
To get the EITC, workers must file a tax return, even if they are not required to file, and specifically claim the credit.
Each year the IRS launches an EITC campaign to get the word out about the credit. They estimate one in five miss out on the credit either because they do not claim it when filing or do not file a tax return at all. It is also important that first time filers are aware of the valuable credit.
The EITC provides a financial boost for hard-working Americans who qualify. Ask your tax preparer about the EITC today and find out if you qualify.
For more information on the EITC and options for filing visit the IRS online www.irs.gov/eitc