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What is the Earned Income Tax Credit and am I eligible?

The Earned Income Tax Credit (EITC) is a tax credit available to low-income workers who may or may not have qualifying children living with them. The EITC is a tax credit that can be subtracted directly from what you owe, if you qualify. The credit can be refunded even if you don’t owe any tax.

You might be eligible for an EITC in the amount of $2,747 if you have a qualifying child and your earned income and adjusted gross income are both under $32,001 ($34,001 if Married Filing Jointly). A maximum credit of $4,536 is available if you have more than one qualifying child and your earned income and adjusted gross income are both under $36,348 ($38,348 if Married Filing Jointly).

Print | posted on Monday, September 10, 2007 10:27 AM | Filed Under [ Frequently Asked Questions ]

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