Publisher's Synopsis
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and the number of children. For a person or couple to claim one or more persons as their qualifying child, requirements such as relationship, age, and shared residency must be met.
To claim the EIC, you must meet certain rules. These rules are summarized in Table 1.
Table 1. Earned Income Credit in a Nutshell
First, you must meet all the rules in this column. Second, you must meet all the rules in one of these columns, whichever applies. Third, you must meet the rule in this column.
Chapter 1.
Rules for Everyone Chapter 2.
Rules If You Have a Qualifying Child Chapter 3.
Rules If You Do Not Have a Qualifying Child Chapter 4.
Figuring and Claiming the EIC
1. Your adjusted gross income (AGI)
2. You must have a valid social security number.
3.Your filing status cannot be Married filing separately.
4. You must be a U.S. citizen or resident alien all year.
5. You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income).
6. Your investment income must be $3,350 or less.
7.You must have earned income.
8. Your child must meet the relationship, age, residency, and joint return tests.
And much more
