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Dec 4, 2017 at 8:36AM The earned income tax credit is one of the most valuable credits in the tax laws, helping millions of families save thousands of dollars each year. The Earned Income Tax Credit EITC is a program designed to provide tax relief for American workers with low-paying jobs.
Most income measures, including the poverty rate, do not account for the credit. This restriction does not apply to a married couple who is claiming EIC with a child, even if one or both spouses are under the age of 19. A difference or couple claiming qualifying child ren need to attach this form to their 1040 or 1040A tax return. Get help evaluating your status if you need it, but in any case, be sure to see if you qualify for the EITC. Please do not fall into this trap. You can do it yourself or get north help. IRS Announcing Changes to Earned Income Tax Credit for 2017 Earned income credit 2017 Returns Changes to Earned Income Credit Table EITC will be announced over the summer months and into the fall of 2017. The United States federal earned income tax credit or earned income credit EITC or EIC is a for low- to glad-income working individuals and couples, particularly those with children.
In 2017, you may be able to file for the. However, EITC is a refundable , meaning that even if you owe no taxes you may be eligible to get money back — as long as you file a tax return. In the 2009 , the EIC was temporarily expanded for two specific groups: married couples and families with three or more children; this expansion was extended through December 2012 by H.
When can you claim the 2017 EITC? - Authorized placement agencies include tax-exempt organizations licensed by states as well as organizations authorized by Indian tribal governments to place Native American children. The EITC is designed to encourage and reward work.
Tax credits mystify many Americans, if only because it's hard to know which ones they qualify for and why. One of the most beneficial credits for families with low or moderate incomes is the Earned Income Tax Credit EITC. It was established to offset the burden of Social Security taxes and provide an incentive to work. Experts of financial planning and taxes recommend all filers explore their eligibility for receiving the EITC. This economy has been rough on a lot of people. Eligibility is limited to low-to-moderate income earners The general eligibility rule for the EITC is fairly straightforward. Taxpayers must file as individuals or married filing jointly. If married, you, your spouse and your qualifying children must have valid Social Security numbers. You must also be 25 or older but younger than 65. There are many variations in between that affect eligibility, Barajas said, and it behooves you to file electronically: Those taking the traditional paper and pencil route might miss opportunities. Self-employed still counts Many filers—especially self-employed individuals—fail to take advantage of credits because they think they are ineligible, Barajas said. That includes wages, salaries, tips and other taxable employee pay, as well as union strike benefits and long-term disability benefits received prior to minimum retirement age. It also covers net earnings from self-employment if you own or operate a business, and gross income received as a statutory employee—an independent contractor under common law rules. Other types of income that do not qualify as earned income for the credit include child support, retirement income, Social Security benefits, unemployment benefits and alimony. Pay received for work while in prison also does not count for the credit. Eligibility fluctuates Taxpayers should pay attention to their EITC eligibility every filing year, Barajas said. Zinman agrees, and reminds all filers to go slowly and provide all of their information correctly. Tax software can help Barajas suggests filers consider using a qualified tax software system to maximize all of the available credits, especially the earned income credit. I can get you a lot of money. He said electronic tax programs offer an advantage because—assuming you place checks in all the right boxes—they ensure that you receive the credits to which you are entitled. Losing EITC Like everything else associated with the Internal Revenue Service, it doesn't pay to be dishonest. The IRS may reduce or even revoke a filer's access to the Earned Income Tax Credit for a number of years if the agency determines the filer committed fraud or flouted the rules to obtain the credit. If the IRS finds that someone recklessly disregarded the rules to increase the credit, it may prohibit the filer from receiving the credit for two years, after which the filer would have to file a special request form to apply for the right to claim the credit. In the event the IRS determines a filer has supplied fraudulent financial information to claim the EITC, it may penalize the filer by disallowing the credit for 10 years. These penalties do not apply to math or clerical errors. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase. Special discount offers may not be valid for mobile in-app purchases. 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