How much is the Earned Income Tax Credit?
With two children in your household, the federal EITC can be as much as $4,140. With one child the maximum is $2,506. The credit is the highest for people making the minimum wage or a bit more. The average amount for people receiving EITC for the 2002 tax year is around $1,500. How do you get EITC? File your 2002 tax return. If you have children in your home, you will need to file Form 1040A or Form 1040 and attach a Schedule EIC showing the childrens names and social security numbers. If you qualify for the credit without children, you can use Form 1040 EZ. If you qualified for EITC in previous years and did not realize it or you failed file, you can still go back and claim EITC for 1999, 2000, and 2001, as well as 2002. The 1999 return needs to be filed before April 15, 2003. There is no penalty for the late filing if IRS owes you a refund, but the return claiming the refund generally needs to be filed within three years of the original due date. Do you need more money in your 2003 p
