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What is EIC?

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Question
What is EIC?

Answer

EITC (or EIC), Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of tax you owe and may also give you a refund.

You must have income to qualify for this credit and there are limitations.  Please refer to the instructions at www.irs.gov.  https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/do-i-qualify-for-earned-income-tax-credit-eitc 

 

What is Earned Income?

Earned income includes all the taxable income and wages you get from working for someone else or you own or run a business or farm.

Taxable earned income also includes:

  • Wages, salaries, and tips
  • Union strike benefits
  • Certain disability benefits received before you reach minimum retirement age
  • Net earnings from self-employment

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Views: 1088 Created on: Jun 15, 2013
Date updated: Dec 12, 2018
Posted in: Credits

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