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Save Money with EITC - Extra Tax Credit For Low-Income Families
30 stycznia, 2014
The Earned Income Tax Credit or EITC, is a tax credit for people who work, and earn low to modest incomes. Those who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund. Last year over 26 million citizens received nearly $62 billion in EITC.
EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.
To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax 2014 Tax Year requirement.
Earned Income and adjusted gross income (AGI) must each be less than:
- $46,997 ($52,427 married filing jointly) with three or more qualifying children
- $43,756 ($49,186 married filing jointly) with two qualifying children
- $38,511 ($43,941 married filing jointly) with one qualifying child
- $14,590 ($20,020 married filing jointly) with no qualifying children
Tax Year 2014 maximum credit:
- $6,143 with three or more qualifying children
- $5,460 with two qualifying children
- $3,305 with one qualifying child
- $496 with no qualifying children
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