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Get The Most Out Of Your Tax Returns With The Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is the best part about filing a tax return for millions of Americas every year.  The EITC is a tax credit for low to moderate income working individuals and families designed to help them get title loans online direct deposit faster.  The EITC is a refundable credit and can generate a refund of up to several thousand dollars for qualifying Taxpayers.  The size of the credit depends on a Taxpayer’s income, marital status, and number of children.  The EITC is most beneficial for couples with children.  In 2013 the maximum EITC for married filers with 1 child is $3,250, with 2 children is $5,372, and with 3 children is $6,044.

To claim the credit you must qualify, and there are several tests to meet.  To claim the EITC:

  1. You must have a Social Security Number that is valid for employment
    1. Your spouse must also have a Social Security Number that is valid for employment if your filing status is married filing joint
    2. You must have earned income from working for someone, running or owning a business or farm or another source
    3. Your filing status cannot be married filing separate
    4. You must be a US citizen or resident alien all year or a nonresident alien married to a US citizen or resident alien, file a joint return and choose to be treated as a resident alien
    5. You cannot be the qualifying child of another person
    6. You cannot file Form 2555 or 2555-EZ (claiming foreign earned income)
    7. Your adjusted gross income and earned income must meet certain limits
      1. The maximum you can earn and still qualify for the EITC in 2013 is $51,567
      2. Your investment income must meet certain limits
        1. The maximum you can earn from interest, dividends, and profit from selling stocks investments in 2013 is $3,200

Claiming a qualifying child greatly increases your Earned Income Tax Credit.  To claim a qualifying child for EITC purposes the child:

  1. Must be your son, daughter, adopted child, stepchild, foster child, grandchild, brother, sister, half-brother, half-sister, stepbrother, stepsister, niece or nephew
    1. The child also cannot be married unless you can still claim the child as your dependent (i.e. he or she lived with you 51% or more of the year and you provided 51% or more of his or her support)
    2. Must be aged 18 or younger (or 23 or younger if a full time student) at the end of the tax year and must be younger than you (or your spouse if filing jointly), or permanently and totally disabled at any time during the tax year regardless of age
    3. Must have lived with you for 51% or more of the tax year
    4. Cannot have filed jointly with the child’s spouse (unless the return was only filed to claim a refund and neither spouse was required to file)

Claiming the EITC is a complicated process, and the above list is not comprehensive and many special rules apply, but the EITC can really boost your tax refund.  If you think you qualify for the Earned Income Tax Credit be sure to consult a tax professional.

 

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Claiming the EITC is a complicated process, If you think you qualify for the Earned Income Tax Credit be sure to consult a tax professional by filling out this form.

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