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EIC - Earned Income Credit

$4824.00 can be yours if you qualify for the EIC or Earned Income Credit on your federal income tax form. Do you have a child that has not yet reached age 19 under your roof? If so, you may qualify for an Earned Income Tax credit that can be worth up to $4824.00 dollars. This EIC tax credit also applies to some taxpayers that have no children under their roof at all. The difference is that childless taxpayers must be low income, and the refundable credit is only worth up to $438.00 dollars. People who have children living under their roof for at least six months out of the tax year must either be related to the children, or have the children through a Foster Care program or court sanctioned guardianship plan. For the most part, this applies to all people with children who have a valid social security number in any one of its various forms or an Individual Tax Identification Number. Some people in this country on a work permit also qualify for the Earned Income Credit tax credit. For people living in nontraditional family structures with children, the rule-of-thumb to follow is that the relative to the child, or the child’s guardian will be the person who claims the EIC credit if the child lived under their roof for more than six months out of the year. For separated parents who share custody, the home that the child lived in for the most time over the year is the one that will file for the Earned Income Credit. Foster Care parents may file for an Earned Income Credit for their charges only if the children were in their home for at least six months of the tax year. If the child was in the parent’s home and the Foster Care home an equal amount of time, the IRS gives the EIC credit to the child’s normal home with their parents or other qualifying adult. Taxpayers that qualify as relatives include parents, aunts and uncles, grandparents, and other family members including a caretaking brother or sister.