Get the free Earned Income Tax Credit for 2012; Do I Qualify

Page 1Media Relations Office www.IRS.gov/newsroomWashington, D.C. Media Contact: 202.622.4000 Public Contact: 800.829.1040Earned Income Tax Credit for 2012; Do I Qualify? FS20131, January 2013 The

How to fill out earned income tax credit

How to fill out earned income tax credit:

1. Gather all necessary documents: Before filling out the earned income tax credit, make sure you have all the required documents such as W-2 forms, Social Security cards for yourself and any dependents, and any other income-related documents.
2. Determine your eligibility: To qualify for the earned income tax credit, you must meet certain income and filing status requirements. Use the IRS EITC Assistant tool or consult with a tax professional to determine if you meet the eligibility criteria.
3. Calculate your earned income: Add up all your earned income from employment, self-employment, or certain disability benefits. Make sure to include any nontaxable combat pay or employer-provided housing.
4. Determine your filing status: You will need to know your correct filing status, which can be single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with a dependent child.
5. Fill out Form 1040 or 1040A: Use the appropriate tax form to report your income and claim the earned income tax credit. The form will have specific sections where you can enter the necessary information.
6. Complete Schedule EIC: Schedule EIC is used to calculate the amount of earned income tax credit you are eligible for. Follow the instructions provided with the form to accurately fill it out.
7. Double-check your information: Before submitting your tax return, review all the information you have entered to ensure its accuracy. Filing incorrect or incomplete information may result in delays or errors in receiving your credit.

Who needs earned income tax credit:

1. Low-income individuals and families: The earned income tax credit is designed to provide financial assistance to working individuals and families with low to moderate income levels. It helps reduce the amount of tax they owe and can also result in a refund.
2. Individuals with dependents: Having children or dependents can significantly increase your eligibility for the earned income tax credit. The credit amount varies based on the number of qualifying children you have and your income level.
3. Self-employed individuals: Even if you are self-employed, you may still be eligible for the earned income tax credit. Self-employment income, as well as certain disability benefits, can be included in the calculation.
4. Those who meet the income requirements: To be eligible for the earned income tax credit, your earned income and adjusted gross income (AGI) must be within certain limits. The income thresholds change each year, so it's essential to stay updated on the current requirements.

In summary, individuals or families with low to moderate income, dependents, and who meet the income requirements are the ones who generally need the earned income tax credit. Filling out the credit involves gathering the necessary documents, determining eligibility, calculating earned income, completing the appropriate forms, and double-checking your information before submitting. Be sure to consult with a tax professional or use IRS resources to ensure accurate and timely filing.

For pdfFiller’s FAQs

What is earned income tax credit?

Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate income working individuals and families.

Who is required to file earned income tax credit?

Individuals and families who meet certain income requirements and have earned income may be eligible to file for earned income tax credit.

How to fill out earned income tax credit?

To fill out the earned income tax credit, you will need to provide information about your income, number of dependents, and other qualifying factors on your tax return.

What is the purpose of earned income tax credit?

The purpose of earned income tax credit is to help reduce the tax burden on low to moderate income working individuals and families, and to provide financial assistance.

What information must be reported on earned income tax credit?

You must report your earned income, number of qualifying children, and other relevant information on your earned income tax credit application.

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