The earned income credit (EITC) is a refundable tax credit designed exclusively for the working individuals and families with moderate to low income. The amount of credit differs depending on the individual’s income and how many members does he/she support. The earned income credit for 2013 is temporarily increased to three of more dependents in the family. The earned income credit will revert back maxing out with at least 2 dependents in the year of 2013.
This income credit for 2013 work as a great benefit for those who have low earnings especially; those who are without job. Also; it will allow you to claim if you and your spouse are legally separated during the last six months of the year. The rules to qualify to claim the credit are slightly different than other tax claims and so are the requisites for all the tax payers such as:
- You must have a social security number to claim the earned income credit
- You must be legal citizen or must be residing in the country for the entire year
- You and your spouse’s age should be between 25 to 64 years
- Additionally if you are asking for the claim of your child, then you cannot claim if your child doesn’t have a social security number
- You cannot claim if your filing status shows “separated” from your spouse
- You cannot claim foreign earned income which you might have earned living in another country
Various local governments and state have their own version of earned income credit which is likely to vary. Some of these are based on Federal earned income amounts whereas some states and governments have their own calculations. The simpler way to find out about your earned income credit for 2013 is visiting your Federal government website, which will help you determine if you are eligible for the earned income credit for 2013.
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