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Earned Income Tax Credit Rules

What is earned income tax credit?

The earned income tax credit is a benefit that is given to tax payers in the US. It is a refundable benefit that can be claimed by people if they have qualifying children. In most situations, this may be claimed if the credit is more than the amount that an individual owes in taxes. Answered below by the Experts are some of the popular questions about earned income tax credit.

Can an individual who is eligible for earned income tax credits request their employer for advance payments during the year?

In most situations, an employee who is eligible for the earned income tax credit may request their employer for advance payments during the year. In order to do so, the employee may give the employer a completed W-5 form with the employee’s signature. More information regarding this may be found at the IRS publication 15, Circular E, Employer’s Tax Guide.

Can a collection agency garnish an individual’s earned tax credit to collect unpaid hospital bills in the state of Oregon?

In most situations, a collection agency may not be able to garnish an individual’s earned tax credit to repay unpaid hospital bills in the state of Oregon.

Would an individual’s earned income tax credit be affected if the individual has filed for a chapter 7 bankruptcy?

The earned income tax credit may be exempt from a chapter 7 bankruptcy. Hence, it may not be affected if an individual files for a chapter 7 bankruptcy.

Would tax credit earned by an individual be considered to be income while determining his/her social security disability benefits?

According to the Social Security Insurance (SSI), any amount of money in the form of cash or check that may be used to provide food and shelter to the individual may be considered to be an income. However, tax credit earned by him/her may not be considered to be an income for the purpose of determining the social security benefits.

Is it mandatory to file an individual’s tax returns to get the earned income tax credit?

If an individual is eligible for the earned income tax credit, it is mandatory for them to file their tax returns in order to claim it irrespective of whether the individual is normally required to file their returns or not. The individual may have to file the returns within a period of 3 years from the due date if they want to receive the credit amount.

How can an individual determine the amount that they will receive as earned tax credit?

The amount that an individual may earn as tax credit may be given on line 64 of their form 1040. However, if the individual had any prior payments or withheld federal taxes, those amounts may also be included in the credit.

How can an individual qualify for the earned income tax credit?

In order to qualify for the earned income tax credit, an individual may be required to fulfill the following conditions:
His/her adjusted gross income should be within the given guidelines.
He/she should have a qualifying child living with him/her for at least 6 months in a year
The child may be claimed as the individual’s dependent unless he/she permits the non custodial parent to claim the child.

Would an individual’s Individual Retirement Account (IRA) distributions be considered as income while calculating the earned income tax credit?

An individual’s IRA distributions may not be considered as income while calculating his/her earned income tax credit.

How can an individual claim the earned income tax credit?

In order to claim the income tax credit, the individual may have to fill and submit the Schedule Earned Income Credit (EIC) along with their tax returns. This schedule will give the IRS information about the individual’s qualifying child like his/her name, Social Security Number (SSN), age, relationship with the individual and the time period for which he/she lived with the individual.

Can an individual amend their previous tax returns in order to claim earned credit?

It may be possible for an individual to go back and make changes to the individual’s previous tax returns in order to claim earned credit. The individual may have 3 years time from when the returns were filed to claim the credit.

The rules that determine and govern earned income tax credits can be complicated and difficult to understand. If you are not aware of these rules, you may either find it difficult to claim the credit or may not be able to claim it at all. Hence, it is important for you to understand every aspect of the earned income tax credit thoroughly so that you can claim it without any hassles. You may ask an Expert if you have any doubts or questions about this credit.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
6 Tax Professionals are Online Now

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  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Earned Income Tax Credit Questions

  • I just notice if we correct the expenses and put it on schedule

    I just notice if we correct the expenses and put it on schedule C the refund is going to be less. Meaning that Originally she received a higher refund but now with the expenses instead of 12000 profit is going to be 8600. Well do you think irs will pay attention on schedule A line 8 other taxes which the tax preparer input the 3400 UK there!!??
  • A taxpayer has been filing married filing jointly with his

    A taxpayer has been filing married filing jointly with his wife and two children. The wife was a resident of Mexico and as such the tax payer did not qualify for the earned income tax credit because she was not a citizen of the U.S. The wife has now become
    a legal resident, so I believe the tax payer can amend the 3 previous tax returns and request the earned income tax credit. Am I correct?
  • An individual has a social security number that allows him

    An individual has a social security number that allows him to work in the US but is not a citizen of the US. He is a citizen Mexico. Is he entitled to claim the child tax credit and additional tax credit for his dependents that live in Mexico
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