EITC - Earned Income Tax Credit

The Earned Income Tax Credit is often assumed to be just for those with children. While people who have children living under their roofs for six months (or more) out of the tax year often do qualify for the EITC allowance, there are times when taxpayers that do not have any children at all also qualify for this refundable Federal tax credit.

How the Earned Income Tax Credit or Federal EITC might apply to you:
• A valid Social Security Number is required for all childless taxpayers that would like to apply for this credit. Social Security Numbers are given out in various formats, and all possible styles of this number are valid to use for this purpose.

• To request the Earned Income Tax Credit, you must have earned income during the tax year that you are filing for.

• The EITC does not apply to any taxpayers who are married and filing separate tax returns.

• Taxpayers must be a United States citizen, or a resident alien who was living in the country for the full twelve months of the tax filing year.
Non-resident aliens who are married to a United States citizen, and resident aliens who are filing a joint tax return can also apply for this tax credit if they meet all necessary requirements.

• If the taxpayer is a child being claimed for an Earned Income Tax Credit by any person, they may not file for this credit on their own if they qualify.

• The person applying for the refundable credit money must be over the age of 25-years and under the age of 65-years.

• United States citizens must have lived in the country for over six months during the tax year that they are filing for.

• People filing Form 2555 or Form 2555-EZ for foreign earned income do not qualify for the Earned Income Tax Credit.

• Taxpayers must not be in a higher income level bracket and must match their income situation to the charts provided by the IRS for final confirmation that they qualify for this refundable EITC allowance.

It is estimated that each year up to 25% of the taxpayers who are eligible to claim the Earned Income Tax Credit do not request it. The Earned Income Tax Credit in not completely lost if you missed claiming it on taxes over the last three years. The IRS allows taxpayers to file amended taxes to go back and pick up this money if necessary.

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