Earned Income Tax Credit (EITC) - For Low and Moderate Income Individuals

Earned Income Tax Credit (EITC) - For Working People with Low and Moderate Income
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc

The Earned Income Tax Credit (EITC) or Earned Income Credit (EIC) is a refundable tax credit targeted to working people with low to moderate-income.

A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don’t have any tax liability, the “extra” credit is not lost but is instead refunded to you.

Qualifying For The EITC
To qualify, you must meet certain requirements and file a federal income tax return for the tax year even if you do not owe any tax or are not required to file a tax return. This is a common misunderstanding and is one of the reasons why the Internal Revenue Service (IRS) has over a billion dollars in unclaimed refunds from year to year

You must have earned income. Everybody seems to have a story about a neighbor who got back a huge refund but didn’t work to get it. Notwithstanding that you don’t always know the details about that person’s finances, those refunds—if legitimately obtained—are not tied to the EITC.

Earned Income
Earned income typically includes wages, salary, tips, and net earnings from self-employment. It also includes union strike benefits and long-term disability benefits received prior to minimum retirement age. It may also include nontaxable combat pay (you have to make an election).

Earned income does not include passive income, which means income that you aren’t actively generating on your own, like interest and dividends. It doesn’t include pay that you receive while incarcerated, retirement income, Social Security, unemployment benefits and alimony.
https://www.forbes.com/sites/kellyphillipserb/2021/01/25/heres-what-you-need-to-know-about-the-earned-income-tax-credit-in-2021/?sh=1c49202179c2
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Any use of other media is fair-use only. I am not a CPA or attorney and the information in these videos shall not be construed as tax, financial, or legal advice. Entertainment only.

Видео Earned Income Tax Credit (EITC) - For Low and Moderate Income Individuals канала Ace Spencer