What is the earned income tax credit and how do I know if I qualify?
The Earned Income Tax Credit (EITC) is a refundable credit that is available to certain individuals and families who have low to moderate levels of earned income (wages, salary, tips, bonuses & net earnings from self-employment) and are taking care of at least one or two minor children. In certain cases, a taxpayer with low earned income and no children may also qualify. A refundable credit is a tax credit that you may use to generate a refund even if you have no tax liability. The IRS has a variety of tools available to see if you qualify. You can access them at the IRS EITC Resources page: http://www.irs.gov/individuals/article/0,,id=96406,00.
The Earned Income Tax Credit (EITC) is a refundable credit that is available to certain individuals and families who have low to moderate levels of earned income (wages, salary, tips, bonuses & net earnings from self-employment) and are taking care of at least one or two minor children (for 2009, 3 children provide a bigger benefit). In certain cases, a taxpayer with low earned income and no children may also qualify. A refundable credit is a tax credit that you may use to generate a refund even if you have no tax liability. The IRS has a variety of tools available to see if you qualify.
