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Federal US tax forms: Explanation of the earned income credit

This is not tax advise. It is some information to help you research on the www.IRS.gov website to find out if you qualify for Earned Income Tax Credit (EITC) and if so, how much. This credit is very important on your tax form, and in some cases you do not have to have a qualifying child to receive it. Make sure to go through the test I guide you to take, so you can receive your share of EITC, if you qualify for it.

Follow these steps at the www.IRS.gov website.

1. Go to www.IRS.gov.

2. On the far right column under a family picture click on Can you take credit? link.

3. Here you will finds lots of information and more links that are very helpful in answering many questions you may have. For this article look down the page and click on EITC Assistant link.

4. Next choose Tax Year 2007 English link. There is also a link called Version en Espanol for those who need it.

5. Here you will see two links. After you go to either one, read the page, and then click on the Continue button.
1. Start Here: Am I an Eligible Individual?
2. How Much is My Credit?

Number 1 link asks several questions to help you determine if you are eligible for EITC. Number 2 link has income questions in it to help you determine how much you will receive. Make sure to have all of your earned income and investment income completed on your tax form, and in front of you, to help you answer income questions in either section. It is this income and other variables that determine if you are eligible, and if so, how much. Read each question carefully to learn of your eligibility, and how much you can credit on your tax return.

6. After completing number 5 and determining your EITC amount, you must place the credit amount on your tax form, which is located in the last section of your tax return. Make sure to read the form carefully, to determine if you need to minus or add the tax owed or refund to the EITC amount, before the final total is tallied. Your EITC will not be lowered to zero if the number brings the tax you owe below zero. You would then receive the excess over that amount. Some people also receive the EITC even if they do not have a child. Make sure to look at all the information to determine if you qualify for the Earned Income Tax Credit.

Remember to consult with a tax adviser if you have any specific questions relating to your situation that need further information. This article is a guide to help you find information on the www.IRS.gov website that will help you fill out your tax return. It is not intended as any tax advise.

The IRS has many tax offices across the United States that are there to assist taxpayers with questions. Click on Contact IRS on the upper right of the www.IRS.gov website. Click on Contact Your Local Office, then click on your state to find an office near you. If you prefer using the telephone to talk to an IRS tax consultant, click on Call Us With Your Tax Questions to find telephone numbers and times available.

File your taxes to help the government use that information for the rebate checks. You can find all of that information in the Rebate Questions? section.
Hopefully your tax season this year will go smoothly and you receive all the tax benefits you are entitled to.

Learn more about this author, Laura R Gullett.
Contact this writer Click here to send author comments or questions.


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Federal US tax forms: Explanation of the earned income credit

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