The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may give you a refund.
You qualify for EITC if:
- you have earned income and adjusted gross income within certain limits; AND
- you meet certain basic rules; AND
- you either:
- meet the rules for those without a qualifying child; OR
- have a child that meets ALL the qualifying child rules for you, or your spouse if you file a joint return.
For further details, contact your tax or accounting professional.