To qualify, you must meet certain requirements and file a U.S. Individual Income Tax Return. As described below, some EITC rules apply to everyone. There are also special rules for people who have children and for those who do not. Individuals and families must meet certain general requirements: (For more information see publication 596, Chapter2, Rules if you have a qualifying child)
You may be eligible for the credit:
You must have earned income.
You must have a valid Social Security number for yourself, your spouse (if married filing jointly) and your qualifying child.
Investment Income must be $3,300 or less for the year.
Your filing status cannot be "married filing separately."
Generally you must be a U.S. citizen or resident alien all year.
You cannot be a qualifying child of another person.
You cannot file Form 2555 or Form 2555-EZ (related to foreign income).
Earned Income and adjusted gross income (AGI) must each be less than:
$46,227 ($51,567 married filing jointly) with three or more qualifying children
$43,038 ($48,378 married filing jointly) with two qualifying children
$37,870 ($43,210 married filing jointly) with one qualifying child
$14,340 ($19,680 married filing jointly) with no qualifying children
What is Facilitated Self-Assistance?
In addition to traditional face-to-face tax preparation, the IRS is launching a self-assistance service at select locations. If individuals have a simple tax return and need a little to no help or do not have access to a computer, they can visit one of the participating tax preparation sites and an IRS- certified volunteer will guide them through the process.
Social Security numbers for you, your spouse, and all your dependents or a Social Security number verification letter issued by the Social Security Administration or
Individual Taxpayer Identification Number (ITIN) assignment letter for you, your spouse and dependents
It is extremely important that each person use the correct Social Security Number. The most accurate information is usually located on your original Social Security card. If you do not have an SSN for you or a dependent, you should complete Form SS-5, Social Security Number Application. This form should be submitted to the nearest Social Security Administration Office. If you or your dependent is not eligible to get a Social Security Number, you may need an Individual Taxpayer Identification Number (ITIN)
Proof of foreign status, if applying for ITIN
Birth dates for you, your spouse and dependents on the tax return
A copy of Last year's Federal and State tax returns (if available)
Wages and earning statement(s)- Form W-2s, W-2G, 1099-r, 1099-Misc from all employers
Interest and dividend statement(s) from banks (Forms 1099s)
Unemployment income statements
Social Security income statements
Any other income statements
Tuition payments and student loan interest payments
Receipts or listings of itemized expenses, such as:
Out-of pocket medical expenses
Vehicle license tabs
Property taxes paid
Job related expenses
Mortgage interest paid
Tax preparation fees
Total paid for Daycare expenses- Daycare provider name, address, and Social Security number or the daycare provider's business Employer Identification Number (EIN) for each provider paid.
Property Tax Refund documents
Property tax statements
For direct deposit/direct debit, bring your check book to verify your bank account and routing information
To file taxes electronically on a married-filing-joint tax return, both spouses must be present to sign required forms
What are the Tax Credits You Should Know About?
A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are even refundable, which means you might receive a refund rather than owe any taxes at all.
What is the Child and Dependent Care Credit?
The Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent to enable you to work or look for work.
What is the Child Tax Credit?
The Child Tax Credit is for people who have a qualifying child. The maximum amount of the credit is $1,000 for each qualifying child. This credit can be claimed in addition to the credit for work.
What is the Retirement Savings Contributions Credit?
The Retirement Savings Contributions Credit, also known as the Saver's Credit, is designed to help low-to-moderate income workers save for retirement. You may qualify if your income is below a certain limit and you contribute to an IRA or workplace retirement plan, such as a 401(k) plan.
What is the Health Coverage Tax Credit?
The Health Coverage Tax Credit pays up to 80% of the health insurance premiums for eligible Trade Adjustment Assistance recipients and Pension Benefit Guaranty Corporation payees. You can complete IRS Form 8885, Health Coverage Tax Credit to claim the credit on your return.
What is the Earned Income Tax Credit?
The Earned Income Tax Credit is a refundable credit for certain people who work and have earned income from wages, self-employment or farming. Income, age and the number of qualifying children determine the amount of the credit. EITC reduces the amount of tax you owe and may also give you a refund.