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Earned income tax credit logo. The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children.
The basic qualifications for getting the earned income tax credit include working and earning income under $63,398, having investment income below $11,000 and having a valid Social Security number ...
To qualify for the EITC for the 2021 tax year, you must: Have earned an income under $57,414. Have investment income below $10,000. Have a valid Social Security Number. Be a U.S. citizen or ...
Going back a few years, about 24% of all eligible earned income taxpayers did not claim the credit in tax year 2020, according to other data provided online by the Internal Revenue Service. In ...
The earned income tax credit is only available if your income doesn’t exceed certain limits, some of which are based on your filing status and the number of qualifying children you claim. This ...
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...
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