TAX Tidbits - Earned Income Credit (EIC)
Low- and moderate- income workers can be eligible for the Earned Income Credit (EIC). EIC is a refundable credit meaning that the amount of credit that is greater than the taxes due (owed) is refunded to the taxpayer.
The amount of the credit depends on the taxpayer's Adjusted Gross Income (AGI) and the number of qualifying children. You may qualify if you earned less than $48,279 for 2009. New for 2009 is the additional benefit for the 3rd qualifying child. The maximum credit is $457 with no qualifying child, $3043 with one qualifying child, $5028 with two qualifying children, and $5657 with three or more qualifying children.
Remember, EIC is not available for the married filing separate status. Also note the qualifying child does not have to be a relative.
Contact your tax professional today for assistance.
To do-it-yourself, click here to files your taxes online
The amount of the credit depends on the taxpayer's Adjusted Gross Income (AGI) and the number of qualifying children. You may qualify if you earned less than $48,279 for 2009. New for 2009 is the additional benefit for the 3rd qualifying child. The maximum credit is $457 with no qualifying child, $3043 with one qualifying child, $5028 with two qualifying children, and $5657 with three or more qualifying children.
Remember, EIC is not available for the married filing separate status. Also note the qualifying child does not have to be a relative.
Contact your tax professional today for assistance.
To do-it-yourself, click here to files your taxes online
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