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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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If she files an income tax return to claim a refund of tax withheld and claims the earned income credit for the child, her return is not filed solely as a claim for refund. We shall look at calculating earned income credit (EIC) later as an example. Many who qualify for the earned income credit are also |
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