Did you know you could qualify for an Earned Income Tax Credit if you meet certain qualifications and receive a credit from the IRS? We have compiled a list of ways you can find out if you qualify and how to learn more about filing.
To qualify for and claim the Earned Income Credit you must:
- Have earned income; and
- Have been a U.S. citizen or resident alien for the entire tax year; and
- Have a valid Social Security number (not an ITIN) for yourself, your spouse (if filing jointly), and any qualifying children on your return; and
- Not have investment income exceeding $3,600; and
- Not be filing a Form 2555 or 2555-EZ; and
- File a return with the Single, Married Filing Jointly, Head of Household, or Qualifying Widower filing status, even if you're not required to file a return.
In addition, both your earned income and Adjusted Gross Income (AGI) may not exceed:
- $15,570 if you're not claiming a qualifying child ($21,370 if filing jointly);
- $41,094 if you're claiming 1 qualifying child ($46,884 if filing jointly);
- $46,703 if you're claiming 2 qualifying children ($52,493 if filing jointly);
- $50,162 if you're claiming 3+ qualifying children ($55,952 if filing jointly).
One more thing — if you're not claiming a qualifying child:
- You (or your jointly filing spouse) must have been born on or after January 1, 1955; and
- You (or your jointly filing spouse) must have been born on or before December 31, 1994; and
- You (and your jointly filing spouse) cannot be claimed as a qualifying child or dependent on anyone else's return.
To learn more use the helpful EITC Assistant on the IRS website here- https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
To learn about credits for children and independents, click here- https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents
If you made below $66,000 in your household and would like free help filing your taxes in 2020, click our VITA Tax Prep scheduling assistant here- https://www.lifelinesmobile.org/free-tax-prep/
Need more information, call 251-602-0011 to speak to a certified credit counselor or make an appointment.
