Earned Income Tax Credit (EITC or EIC)

The Earned Income Tax Credit is a federal income tax credit for low-income individuals and families. This credit is applied toward the federal income tax owed. Any amount in excess of the federal income tax owed is returned to the taxpayer as a refund. To be eligible for the 2014 Tax Year, you must have earned income and adjusted gross income of at least $1 but less than $14,590 ($20,020 if joint return) and no qualifying child; $38,511 ($43,941 if joint return) and 1 qualifying child; $43,756 ($49,186 if joint return) and 2 qualifying children; or $46,997 ($52,427 if joint return) and 3 or more qualifying children. There are a few additional requirements for eligibility. To see if you are eligible for the Earned Income Tax Credit, you can go to the IRS website at www.irs.gov/eitc and either view or order Publication 596. You can also see if you are eligible by answering a few questions on the IRS website. Go to www.irs.gov/eitc. Then click on “EITC Assistant ” to find out if you qualify.