Are you eligible for earned income tax credit?
Wed, 30 Jan 2013 14:42:31 GMT —
Wednesday is the day you can begin to file your tax returns.
Before you hit send on that return, the Internal Revenue Service (IRS) wants to make sure you have checked your eligibility for the earned income tax credit (EITC.)
The federal EITC is designed to provide a financial boost for Americans making less than $50,000.
The tax credit could mean $475 for workers with no children, but families with three or more children could be entitled to more than $5,000.
Unlike most deductions and credits, the EITC is refundable. In other words, those eligible may get a refund from the IRS even if they owe no tax.
The credit will not be automatically applied; workers who wish to receive the credit must specifically claim it on their 2012 return.
for frequently asked questions about the EITC.