EITC is refundable credit, so even if you do not owe any tax the IRS on tax return, it is possible to claim the EITC if your claim is legit. To qualify for 2017 earned income tax credit table, you should have an income in the tax year, should not be dependent of another individual, married couple should file tax return jointly. You should be a citizen of USA or live for at least half.
Earned Income Tax Credit is a tax credit that can be claimed when filing tax return. Earned Income Tax Credit or EITC as it truly is commonly called is a programme commenced by the Federal Government in 1975 to compensate for low income workers for higher tax write-off in the Social Security Tax.
Earned Income Tax Credit is essentially a tax credit that’s deducted or refunded to a tax payer who qualifies for this. An individual must have income or be working during the tax year to be eligible for Earned Income Tax Credit. Besides this criterion, the 2017 Earned Income Tax Credit is also more beneficial if you’re married. Married couple with a working spouse who have three or more qualified children will additionally benefits more as per the 2017 EITC table.
Earned Income Tax Credit is refundable consequently you’ll be refunded when you file by the IRS within 21 working days for your own tax return in 2018. The EITC is a wonderful system to encourage people to work hard and make their own living instead of depending on the Authorities or be dependent on others for his or her livelihood.
2017 EITC will be more beneficial to those who have a lot more than one qualifying child or who are married. The amount of tax credit it is possible to claim differs each tax year, there for it is wise to be advised ahead before filling the tax return.