Earned Income Tax Credit

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Earned Income Tax Credit

Also called the EITC. A dollar-for-dollar reduction in the tax liability for lower and middle income persons in the United States. The credit is applied against taxes owed on wages, salaries, tips and other forms of earned income. Investment income is excluded and one may not have more than a certain amount of investment income to be eligible for the credit. Households with children may receive larger credits. The EITC is refundable, meaning if the credit causes one's tax liability to go below zero, one receives the difference from the IRS.
References in periodicals archive ?
Many of the returns allegedly reported substantially the same amount of HSH income, which generated fraudulent Earned Income Tax Credits and federal tax refunds.
The Earned Income Tax Credits were supposed to go to low-income working families.
Iowa recipients shared a portion of more than $6 million in federal earned income tax credits and $16 million in federal tax refunds.
THE SOURCE: "Effects of Prenatal Poverty on Infant Health: State Earned Income Tax Credits and Birth Weight" by Kate W.
State Earned Income Tax Credits: Nineteen states and the District of Columbia have Earned Income Tax Credits similar to the federal EITC that low-income working families can claim.
Rising number of states offer earned income tax credits.
Angelo, 41, owed the IRS $6,000 as a result of taking earned income tax credits for which he was later deemed ineligible.
earned income policies, such as increasing the allowable level of earned income, earned income tax credits and employment subsidies, encourage employment;
Compassionate Conservative" doesn't try to pay for rich people's pork sandwiches as he skips across the heads of the poor by taking away their Earned Income Tax Credits.
Could a program that combined part-time work and generous earned income tax credits lift moms out of poverty?
More than 27 million taxpayers received nearly $62 billion in earned income tax credits for the 2011 tax year.
That s why Entergy New Orleans has partnered with the United Way of Southeast Louisiana to help raise awareness of federal Earned Income Tax Credits and support free Volunteer Income Tax Assistance sites to help qualifying residents secure their share of these refunds.