What is the Earned Income Credit (and do I qualify?)

The Earned Income Tax Credit is designed to provide financial assistance to low- to-moderate wage earners through a refundable tax credit. This video describes what the Earned Income Credit is, who qualifies for it, and how to claim it.

To define a dependent, click here: https://youtu.be/kXdSK0LHhq8

To see what earned income is, click here: https://youtu.be/NMc152XNJpo

Resources:

IRS Publication 17: "Your Federal Income Tax": https://www.irs.gov/pub/irs-pdf/p17.pdf

IRS Publication 596: "The Earned Income Credit" (contains the EIC lookup tables and Worksheet "A"): https://www.irs.gov/pub/irs-pdf/p596.pdf

IRS Form 2555: "Foreign Earned Income": https://www.irs.gov/pub/irs-pdf/f2555.pdf

IRS Schedule EIC: "Earned Income Credit": https://www.irs.gov/pub/irs-pdf/seic.pdf

IRS: "What Members of the Military Should Know about the Earned Income Credit": https://www.irs.gov/newsroom/what-members-of-military-should-know-about-the-earned-income-tax-credit

Nerdwallet.com: "Earned Income Tax Credit (EIC): What is is and how to Qualify": https://www.nerdwallet.com/article/taxes/can-you-take-earned-income-tax-credit

Tax Policy Center: "What is the earned income tax credit?": https://www.taxpolicycenter.org/briefing-book/what-earned-income-tax-credit
Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube Audio Library

DISCLAIMER:

The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.

The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.

Видео What is the Earned Income Credit (and do I qualify?) канала The Tax Geek