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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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Low- and moderate-income families with children may be eligible to receive $4,500 thanks to the Earned Income Tax Credit, officials said Thursday. The Earned Income Tax Credit promised to be a great boon for the working poor, the very people who most deserved a helping hand. Keywords: Earned income tax credit (EITC), poverty, social policy, tax policy, welfare reform |
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