What is EIC/EITC and Who Qualifies?

The EIC/EITC is known as the Earned Income Tax Credit. This tax credit is available for those who have a low or moderate-income.

EIC, Earned Income Tax CreditThe amount that you receive for this credit is determined based on the filing status you use and your salary for the year.

Those who qualify pay less in federal taxes and can claim the earned income credit when they file their tax returns.

Basic Requirements to Be Eligible

  • You have to have a qualifying child, and they must have a social security number
  • You cannot file married or file separately
  • Your investment income should be no higher than $3,600
  • You have to be a U.S.
Read the rest