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Earned Income Credit |
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Earned income credit A tax credit for taxpayers with children. Earned income credit (EIC). The earned income tax credit (EIC) reduces the income tax that certain low-income taxpayers would otherwise owe. It's a refundable credit, so if the tax that's due is less than the amount of the credit, the difference is paid to the taxpayer as a refund. To qualify for the EIC, a taxpayer must work, earn less than the government's ceiling for his or her filing status and family situation, meet a set of specific conditions, and file the required IRS schedules and forms. Earned Income Credit A refundable tax credit for qualified taxpayers based on earned income, adjusted gross income, and the number of qualifying children. See our Earned Income Tax Credit rate table for the current income limits. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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For 2004, over 21 million workers received EIC benefits, for a total credit of $37 billion; see www. Section 32(m) defines the term TIN for purposes of the EIC as a Social Security number issued by the Social Security Administration (other than a number issued under clause II or the portion of clause III that relates to clause II of section 205(c)(2)(B)(i) of the Social Security Act). Wang, head of Redwood City-based EIC Group, and his wife, Victoria Rebisoff Wang, have faced dozens of lawsuits filed on behalf of angry American and Asian investors, according to a report in the San Francisco Examiner. |
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