Earned Income Tax Credit (EITC): Who Qualifies and What You Get
Learn how the Earned Income Tax Credit helps low to moderate-income workers increase their tax refund or reduce the amount of tax they owe.
The Earned Income Tax Credit (EITC) is a tax benefit designed to provide financial support to individuals and families who are working and have a low to moderate income.
Who it's for
This credit is available to working individuals and families with low to moderate income levels.
What you get
You receive a refundable tax credit. This means the credit can be used to reduce the total amount of tax you owe for the year, or it can increase the size of your tax refund.
What it costs you
There is no fee to apply for this credit. To receive it, you must file a tax return.
The catch to know
The income limits required to qualify for the credit change every year depending on your filing status.
How to apply
- Ensure you have earned income during the tax year.
- Complete your annual tax return.
- Claim the credit on your filed tax documents.
- Review the official portal for current income requirements: https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit