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What Is the EIC?

April 26, 2017EIC

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What Is the EIC?

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EIC is a credit for working taxpayers whose earnings or AGI fall within a specific range depending on their filing status and number of dependents. The program will automatically calculate the credit for you based on your personal and income information.

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Click here to get a printer-friendly .pdf pamphlet version. If you need help, click here. The earned income credit (EITC or EIC) is a refundable tax credit for lower-income workers. The credit can decrease or get rid of the taxes you owe. Also, the EIC is a “refundable” credit. This means that if your credit is more than the taxes you owe, the IRS pays you money – rather than you paying them money. Can I Claim the EIC? To claim the EIC, you must pass these tests. Rules for everybody: • Your earned income in 2008 must have been less than: • $38,646 if you have more than one qualifying child ($41,646 if married filing jointly) • $33,995 if you have one qualifying child ($36,995 if married filing jointly) • $12,880 if you do not have a qualifying child ($15,880 if married filing jointly) • You must have a valid Social Security number that allows you to work. • Your filing status cannot be “married filing separately.” • You must be a U.S. citizen or resident alien all year. • You cannot fi