Q: What is the earned income tax credit, and how do I know if I qualify?
A:The Earned Income Tax Credit (EITC) is a refundable credit that is available to certain individuals and families who have low-to-moderate levels of earned income (wages, salary, tips, bonuses & net earnings from self-employment) and are taking care of at least one or two minor children. In certain cases, a taxpayer with low earned income and no children may also qualify.
A refundable credit is a tax credit that you can use to generate a refund even if you have no tax liability.
The IRS has a variety of tools available to see if you qualify. You can access them at the IRS EITC Resources page.
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